- The Shyft Group (SHYF, Financial) advances its merger with Aebi Schmidt Group, progressing with SEC regulatory approvals.
- The merger is set to create an entity with approximately $1.9 billion in revenue by 2024.
- A special shareholder meeting is scheduled for June 17, 2025, to finalize the merger approval.
The Shyft Group (SHYF) has announced significant progress in its proposed merger with Aebi Schmidt Group, following the U.S. Securities and Exchange Commission's (SEC) effectiveness declaration on Aebi Schmidt's Form S-4 registration statement. Additionally, Shyft has filed a definitive proxy statement with the SEC, marking a crucial step toward the completion of the merger.
The merger seeks to combine the strengths of both companies, forming a new entity that will operate under the Aebi Schmidt name, with a projected revenue of approximately $1.9 billion and an adjusted EBITDA of $148 million, based on 2024 pro forma financial results. This strategic move promises to expand the scale and capabilities of the combined operations.
A special meeting for Shyft's shareholders is slated for June 17, 2025, where shareholders of record as of May 13, 2025, will vote on the merger proposal. The transaction is anticipated to close by mid-2025, contingent upon shareholder approval and customary closing conditions. Upon completion, the combined company will be listed on NASDAQ under the ticker symbol "AEBI".
James Sharman, Chairman of the Board of Directors of Shyft, emphasized the significance of these milestones in bringing the merger closer to realization, highlighting the complementary nature of both businesses and the potential for enhanced customer value and operational efficiencies.
