Blue Bird shares down after largest shareholder plans to further trim stake

Blue Bird

15/12/2023 14:10

** Shares of school bus maker Blue Bird  BLBD.O  down 4.8%
at $24.76 premarket after co announces secondary public offering
    ** American Securities LLC, through its affiliate, to
offload 2.5 mln shares of BLBD's common stock
    ** American Securities has already offloaded 31.3% stake
this year till the September quarter, and currently the largest
shareholder, with a 20.34% stake (~6.5 mln shares) as of Sept -
LSEG data
    ** BLBD has 32.17 mln shares outstanding and a market cap of
$836.6 mln - LSEG data
    ** BofA Securities and Barclays are underwriters for the
offering
    ** BLBD will not be receiving any proceeds from the sale
    ** Stock is up ~143% YTD as of last close

 (Reporting by Pranav Kashyap in Bengaluru)