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Spitfire Capital Boosts Blue Bird Corp (BLBD) Stake, Opposes Takeover

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Julian Allen‘s hedge fund Spitfire Capital is gearing up for a fight, determined to opposed a proposed takeover of Blue Bird Corp (NASDAQ:BLBD). According to a recent filing with the Securities and Exchange Commission, the fund currently holds 7.3% of the company’s common stock, having also reported a slight increase to its holding, to 1,523,601 shares, up by 3,300 shares from the position that it held at the end of the first quarter.

According to the same filing, American Securities LLC has proposed to Blue Bird Corp (NASDAQ:BLBD)’s Board that ASP BB Holdings LLC buy the remainder of Blue Bird’s common stock which it does not currently hold. In a recent filing, ASP BB Holdings disclosed ownership of 12 million shares or 57.15% of Blue Bird’s outstanding stock. Spitfire Capital has openly declared its intent to oppose the proposed takeover and has stated its intent to use all means available to it, including a proxy contest to overhaul the Board, as stated in Item 4 of the latest filing.

Blue Bird manufactures school buses and aftermarket parts, as well as buses for public transportation. So far this year, the stock has been on a steady uptrend, having advanced by 37% through yesterday’s closing price of $13.90 per share.

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Although Blue Bird Corp (NASDAQ:BLBD) was not a very popular stock among the hedge funds we follow in terms of number of funds with positions, the nine that were long the stock were extremely bullish on it collectively, owning roughly 83% of its common stock at the end of March. However, Stephen Feinberg’s Cerberus Capital Management, the largest shareholder of the stock in our system, sold its entire 12 million-share holding to ASP BB Holdings at the beginning of June, which accounts for the latter’s current ownership position. Christopher Shackelton and Adam Gray’s Coliseum Capital is also heavily invested in the stock, having indicated ownership of 2.62 million shares of its 13F filing for the March quarter.

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You can access the original SEC filing by clicking here.

Ownership Summary Table

Name Sole Voting Power Shared Voting Power Sole Dispositive Power Shared Dispositive Power Aggregate Amount Owned Power Percent of Class
Spitfire Capital 1,523,601 0 1,523,601 0 1,523,601 7.3%
Julian A.L. Allen 1,523,601 0 1,523,601 0 1,523,601 7.3%
Julian Allen
Julian Allen
Spitfire Capital

Page 1 of 3 – SEC Filing

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. )

Blue Bird Corporation
(Name of Issuer)

Common Stock par value $0.0001 per share
(Title of Class Securities)

095306106 (CUSIP Number)

Julian A.L. Allen
Spitfire Capital, LLC
222 Front Street, Suite 401
San Francisco, CA 94111
(415) 878-1901

(Name, Address and Telephone Number of Person Authorized to
Receive Notices and Communications)

July 25, 2016
(Date of Event Which Requires Filing of this Statement)

If the filing person has previously filed a statement on Schedule 13G to report
the acquisition that is the subject of this Schedule 13D, and is filing this
schedule because of ss.ss.240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the
following box /x/.

Note: Schedules filed in paper format shall include a signed original and five
copies of the schedule, including all exhibits. See ss.240.13d-7 for other
parties to whom copies are to be sent.

*The remainder of this cover page shall be filled out for a reporting person’s
initial filing on this form with respect to the subject class of securities,
and for any subsequent amendment containing information which would alter the
disclosure provided in a prior cover page.

The information required in the remainder of this cover page shall not be deemed
to be “filed” for the purpose of Section 18 of the Securities Exchange Act of
1934 (“Act”) or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).

Potential persons who are to respond to the collection of information contained
in this form are not required to respond unless the form displays a current
valid OMB control number.

CUSIP No. 095306106

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