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Blue Bird Corporation completed the acquisition of the remaining 50% stake in the Micro Bird joint venture for approximately $201.8 million, funded via cash and stock, resulting in full ownership and a new board appointment.
Blue Bird Corporation has successfully completed the acquisition of the remaining 50% stake in its Micro Bird joint venture from the Girardin Group, consolidating full ownership of the enterprise. The transaction, valued at approximately $201.8 million, strategically integrates Micro Bird's Type A school and commercial bus operations under Blue Bird's sole leadership. The deal structure involved a mix of cash (approximately 30%) and equity (approximately 70%), with the equity portion issued as Exchangeable Shares to optimize tax outcomes for the Canadian sellers. These shares are subject to a contractual lock-up with a staggered release schedule extending to April 2029, aligning seller interests with long-term shareholder value. To accommodate the equity structure, Blue Bird created a Special Voting Preferred Stock, ensuring Exchangeable Share holders receive voting rights equivalent to common stockholders. Concurrent with the closing, Steve Girardin joined the Board of Directors as a Class III Director, reinforcing governance ties with the former partner. This acquisition enhances Blue Bird's market position by expanding its addressable market to include Buy America-compliant shuttle buses and broadening its product portfolio across diesel, gasoline, propane, and electric powertrains.
Event Type
Disclosure
Mandatory
Variant
8-K
Completion of Acquisition or Disposition of Assets. Introduction As previously reported in its Form 8-K filed February 17, 2026, Blue Bird Corporation, a Delawa
Unregistered Sales of Equity Securities. See Item 2.01 of this report as it relates to the issuance of Exchangeable Shares and the Special Voting Share, which d
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. On March 30,
Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year. On March 30, 2026, and in connection with the acquisition contemplated by the Purchase
Regulation FD Disclosure” (including Exhibit 99.1) shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or
Financial Statement and Exhibits. (d) Exhibits. Exhibit No.: 3.1 | Exhibit: Certificate of Designation of Special Voting Preferred Stock . Exhibit No.: 99.1 | E
Steve Girardin
Effective: 2026-03-30
In connection with the closing of the acquisition and the Board Election Agreement.
Acquisition / Disposition