Shyft Group to Meet on Proposed Merger with Aebi Schmidt – RVBusiness – Breaking RV Industry News
NOVI, Mich. – The Shyft Group, Inc. (NASDAQ: SHYF), the parent company of Spartan RV Chassis, its Red Diamond aftermarket division and a North American leader in specialty vehicle manufacturing, assembly and upfit for the commercial, retail and service specialty vehicle markets, announced that it will host a special meeting of the shareholders of Shyft to consider and vote on the proposal to approve the merger agreement relating to the previously announced proposed merger of an indirect, wholly owned subsidiary of Aebi Schmidt Holdings, AG with and into Shyft.
The Special Meeting will be held on June 17, 2025 for Shyft shareholders of record as of the close of business on May 13, 2025.
Aebi Schmidt Group is a Swiss-based multinational company that manufactures agricultural machinery, heavy equipment as well as municipal equipment. The company’s products include transporters, Implement carriers, road sweepers, tractors, and mowers to be used in municipal maintenance of roads. Aebi Schmidt has 14 production facilities in Europe and North America, including one each in Illinois and Ohio and three in Wisconsin.
About the Transaction
On Dec. 16, 2024, Shyft announced that it had entered into a definitive agreement to combine with Aebi Schmidt in an all-stock merger to create a leading specialty vehicles company. Under the terms of the agreement, each outstanding share of Shyft common stock will be exchanged for approximately 1.04 shares of the combined company’s common stock. At closing, Shyft shareholders will own 48% of the combined company, with Aebi Schmidt shareholders owning 52%.
The transaction, which is structured to be tax-free to Shyft shareholders, was unanimously approved by the boards of directors present of both companies and is expected to be completed shortly after the Special Meeting, subject to approval thereof at the Special Meeting by Shyft’s shareholders, the declaration by the SEC of the effectiveness of a registration statement on Form S-4 registering certain equity issuable pursuant to the Merger Agreement, and the satisfaction or waiver of certain other closing conditions specified in the merger agreement.
Upon consummation of the merger, the combined company is expected to be named Aebi Schmidt Group, and its shares will be listed and traded on Nasdaq under the ticker symbol “AEBI”.
