The Shyft Group announced that the shareholders of Shyft have voted to approve and adopt the merger agreement relating to the previously announced proposed merger of an indirect, wholly owned subsidiary of Aebi Schmidt Group, a global provider of mission-critical solutions for infrastructure, environmental and agricultural applications, with and into Shyft.
At the special meeting of shareholders held Tuesday, approximately 99% of the shares voted were cast in favor of the transaction, representing approximately 81% of the total outstanding shares of Shyft as of the record date, May 13. Shyft’s full report of voting results will be filed in a Current Report on Form 8-K with the U.S. Securities and Exchange Commission (SEC).
The transaction is expected to close on or around July 1, subject to the satisfaction or waiver of certain other customary closing conditions specified in the merger agreement. Upon consummation of the transaction, the combined company will operate under the name “Aebi Schmidt Group” and shares are expected to begin trading on NASDAQ under the ticker symbol “AEBI” on or around Tuesday, July 1. In connection with the closing, each share of Shyft common stock that was issued and outstanding as of immediately prior to the effective time of the merger will be exchanged for approximately 1.04 shares of the combined company’s common stock.
“This shareholder approval is a significant step forward as we prepare to bring together two highly complementary businesses,” said James Sharman, current chairman of Shyft’s board of directors and incoming chairman of the combined company. “Together, the companies will have greater scale, stronger capabilities and an expanded ability to deliver differentiated value for customers across the globe. We appreciate the engagement and support of our shareholders.”
Barend Fruithof, chief executive officer of Aebi Schmidt and incoming CEO of the combined company, added, “We are establishing a differentiated, global leader in the specialty vehicles industry with a shared focus on customers and operational excellence, which positions us well for continued growth. I firmly believe this strategic combination will unlock meaningful value for customers and shareholders.”
