Shyft Shares Fall 8% After Aebi Schmidt Merger Deal

Dow Jones12-18

By Kailyn Rhone

Shares of Shyft Group fell after the company said it will merge with Switzerland-based specialty vehicles company Aebi Schmidt Group in an all-stock deal.

Shyft stock fell 8% to $12.86 in afternoon trading Tuesday. Year to date, shares are up about 6%.

D.A. Davidson downgraded its rating of Shyft shares to neutral from buy following news of the pact, saying the deal could be risky to execute, especially without a chief financial officer in place for the combined entity.

"Whoever is appointed will likely be brand-new to the situation," said analysts at D.A. Davidson. "This is a tall order for even the most skilled financial executive."

D.A. Davidson cut its target price for Shyft shares to $15 from the prior $18.

The Novi, Mich.-based automotive manufacturer said Monday that each outstanding share of its common stock will be exchanged for 1.04 shares of the combined company's common stock. After the deal closes, Shyft holders will own 48% of the combined company and Aebi holders will own the remainder.

The deal is expected to close by mid-2025.

Write to Kailyn Rhone at kailyn.rhone@wsj.com

(END) Dow Jones Newswires

December 17, 2024 14:24 ET (19:24 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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