Shyft rises after merger agreement with Swiss-based Aebi Schmidt

Shyft

16/12/2024 17:09

** Commercial vehicle maker Shyft Group's  SHYF.O  shares
rise 15% to $14.63 
    ** Co says it will merge with  Switzerland-based Aebi
Schmidt in an all-stock deal  
    ** The merger will combine Aebi's specialty vehicle products
and services with Shyft's manufacturing, assembly and
customizations for the commercial, retail and service specialty
vehicle markets
    ** Each outstanding share of Shyft's common stock will be
exchanged for 1.04 shares of the combined company's common stock
    ** Shyft shareholders will own 48% of the combined co
    ** The deal is expected to close by mid-2025 and the new
company will be headquartered in Switzerland  
    ** Barend Fruithof, chief of the Swiss specialty vehicle
products and services firm, will head the combined company
    ** Including session's gains, SHYF up 20.6% YTD

 (Reporting by Abhinav Parmar in Bengaluru)
 ((abhinav.parmar@thomsonreuters.com))