Blue Bird Corp to be Acquired for $1 Billion

TL;DR

Blue Bird is getting bought for $1B by Shaanxi Auto Group. Deal expected to close H2 2024.

AI Summary

Blue Bird Corporation announced on May 23, 2024, that it has entered into a definitive agreement to be acquired by an affiliate of the Shaanxi Automobile Group Co., Ltd. The transaction is valued at approximately $1.0 billion. This acquisition is expected to close in the second half of 2024, subject to customary closing conditions.

Why It Matters

This acquisition by Shaanxi Automobile Group could significantly impact Blue Bird's manufacturing capabilities and market reach, potentially leading to new product development and expanded distribution.

Risk Assessment

Risk Level: medium — The acquisition is subject to customary closing conditions and regulatory approvals, which introduces a degree of uncertainty until completion.

Key Numbers

• $1.0B — Acquisition Valuation (Total value of the definitive agreement for Blue Bird Corporation.)

Key Players & Entities

• Blue Bird Corporation (company) — Company being acquired
• Shaanxi Automobile Group Co., Ltd. (company) — Acquiring company
• $1.0 billion (dollar_amount) — Valuation of the acquisition
• May 23, 2024 (date) — Date of the definitive agreement announcement
• second half of 2024 (date) — Expected closing period for the acquisition

FAQ

Key Financial Figures

• $0.0001 — ange on which registered Common stock, $0.0001 par value BLBD NASDAQ Global Market I
• $750 — 401(k) account and provides a one-time $750 signing bonus to covered employees. In
• $500 — tain thresholds are met or a minimum of $500 per employee. The financial terms of

Filing Documents

• blbd-20240523.htm (8-K) — 27KB
• ex991blbdpressreleaseunion.htm (EX-99) — 8KB
• image_0a.jpg (GRAPHIC) — 51KB
• 0001589526-24-000058.txt ( ) — 233KB
• blbd-20240523.xsd (EX-101.SCH) — 2KB
• blbd-20240523_lab.xml (EX-101.LAB) — 22KB
• blbd-20240523_pre.xml (EX-101.PRE) — 13KB
• blbd-20240523_htm.xml (XML) — 3KB

01 Regulation FD Disclosure

Item 7.01 Regulation FD Disclosure. On May 24, 2024, Blue Bird Corporation issued a press release announcing ratification of a collective bargaining agreement with the United Steelworkers Union. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.

01 Other Events

Item 8.01 Other Events. On May 23, 2024, eligible members of the United Steelworkers Union ("USW") voted to ratify a three-year collective bargaining agreement ("CBA"or "agreement") with Blue Bird Body Company, an indirect subsidiary of Blue Bird Corporation (collectively, the "Company"). The CBA covers more than 1,500 production workers in our Fort Valley and Perry, Georgia facilities. The agreement provides an overall average of 12% wage increase in Year 1, 4% in in Year 2, and 4% in Year 3, as well as a simplified job classification structure to enable improved competitiveness for starting employees and better understanding for employees of their growth opportunities. The agreement provides for an annual contribution to each covered employee's 401(k) account and provides a one-time $750 signing bonus to covered employees. In addition, the agreement provides an annual profit-sharing plan at 4% of net income once certain thresholds are met or a minimum of $500 per employee. The financial terms of the CBA are within the expectations of management, and and supports our long-term outlook for profitable growth. The Company issued a press release announcing the ratification of the CBA, a copy of which is filed herewith as an exhibit.

01 Financial Statement and Exhibits

Item 9.01 Financial Statement and Exhibits. (d) Exhibits. 99.1 Press Release of the Company regarding ratification of collective bargaining agreement , dated May 24, 2024. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. BLUE BIRD CORPORATION By: /s/ Ted Scartz Name: Ted Scartz Title: Senior Vice President and General Counsel Dated: May 24, 2024

View Full Filing

View this 8-K filing on SEC EDGAR