By Chris Wack
Blue Bird shares were down 10%, to $22.59, after the school-bus maker said that affiliates of Coliseum Capital Management and American Securities intend to offer 5 million shares of Blue Bird’s common stock.
The stock hit its 52-week high of $28.80 on May 23, and is up 83% in the past 12 months.
The selling stockholders intend to grant the underwriters a 30-day option to buy up to an additional 750,000 shares at the public offering price.
The offering consists entirely of secondary shares to be sold by the selling stockholders, who will receive all of the proceeds from the offering.
Blue Bird isn’t selling any shares in the offering, and won’t receive any proceeds from the offering.
Write to Chris Wack at chris.wack@wsj.com
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