- The Shyft Group (SHYF, Financial) shareholders have approved the merger with Aebi Schmidt Group with 99% of the votes in favor, representing 81% of outstanding shares.
- The merger is expected to finalize around July 1, 2025, and the new entity will trade under the ticker "AEBI" on NASDAQ.
- Shyft shareholders will receive about 1.04 shares of the combined company's stock for each Shyft share.
The Shyft Group, Inc. (SHYF), a prominent player in specialty vehicle manufacturing in North America, has announced that its shareholders have overwhelmingly approved the proposed merger with Aebi Schmidt Group. Approximately 99% of the votes were in favor, representing around 81% of total outstanding shares, signaling strong support for this strategic move.
The anticipated merger is scheduled to close on or around July 1, 2025. Once completed, the combined entity will operate under the name "Aebi Schmidt Group" and will trade on NASDAQ under the ticker symbol "AEBI". This integration is expected to enhance global strength and operational capabilities, positioning the new entity as a leader in specialty vehicles and infrastructure solutions.
In the merger agreement, Shyft shareholders will receive approximately 1.04 shares of the new entity for every share of Shyft. Leadership for the combined company will see James Sharman taking on the role of Chairman, while Barend Fruithof, the current CEO of Aebi Schmidt, will be appointed as CEO.
This merger aims to expand the global presence of the combined company, leveraging complementary strengths to deliver enhanced value to customers worldwide. The Shyft Group, known for its innovation and quality, is expected to benefit from the merger by acquiring a more diversified portfolio and strengthening its competitive position in the industry.
