Blue Bird Tender Offer to Buy up to $50 Million of its Shares of Capital Stock at $28

FORT VALLEY, Ga. — Blue Bird Corp. announced today that it is commencing a tender offer to purchase up to $50 million in aggregate value of shares of its (i) common stock at a price of $28.00 per share, and (ii) 7.625 percent Series A Convertible Cumulative Preferred Stock, at a price of $241.69 per share, which is equal to the common stock offer price multiplied by 8.6318.

“We are excited to leverage again our strong free cash flow generation to return capital to our shareholders through this tender offer,” said Phil Horlock, president and CEO of Blue Bird. “This initiative signifies management’s and our board’s confidence in our long-term growth prospects and our commitment to continually enhancing shareholder value.”

Blue Bird will use up to $50 million of cash and borrowings to purchase shares in the tender offer. “The tender offer represents an efficient mechanism to provide the company’s stockholders with the opportunity to receive a significant return on some or all of their investment in the company, if desired,” added Phil Horlock.

While lender-funding commitments have been received, the tender offer is conditional on the receipt of financing. Additionally, the tender offer is subject to a number of other terms and conditions, which are described in detail in the offer to purchase. Specific instructions and a complete explanation of the terms and conditions of the tender offer will be contained in the offer to purchase, the letter of transmittal and the related materials, which will be mailed to stockholders of record shortly after the commencement of the tender offer.

No company representative, member of its board of directors, the information agent or the depositary make any recommendation as to whether any stockholder should participate or refrain from participating in the tender offer.

D.F. King & Co., Inc. will serve as information agent for the tender offer. Stockholders with questions, or who would like to receive additional copies of the tender offer documents may call D.F. King & Co., Inc. at 877-896-3192 or email:

About Blue Bird Corp.

Blue Bird Corp. (NASDAQ: BLBD) is the leading independent designer and manufacturer of school buses, with more than 550,000 buses sold since its formation in 1927 and approximately 180,000 buses in operation today. Blue Bird’s longevity and reputation in the school bus industry have made it an iconic American brand. Blue Bird distinguishes itself from its principal competitors by its singular focus on the design, engineering, manufacture, and sale of school buses and related parts.

As the only manufacturer of chassis and body production specifically designed for school bus applications, Blue Bird is recognized as an industry leader for school bus innovation, safety, product quality/reliability/durability, operating costs and drivability. In addition, Blue Bird is the market leader in alternative fuel applications with its propane-powered, electric and compressed natural gas-powered school buses. Blue Bird manufactures school buses at two facilities in Fort Valley, Georgia. Its Micro Bird joint venture operates a manufacturing facility in Drummondville, Quebec, Canada. Service and after-market parts are distributed from Blue Bird’s parts distribution center located in Delaware, Ohio.