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BusBoy
Top Member
USA
2042 Posts |
 Posted - 08/25/2006 : 08:13:51 AM
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BLUE BIRD CORPORATION TO BE ACQUIRED
FORT VALLEY, GA (August 25, 2006) -Blue Bird Corporation announced today the signing of a definitive agreement to be acquired by an affiliate of Cerberus Capital Management, L.P. Terms of the transaction were not disclosed.
Jeffry Bust, President and Chief Executive Officer of Blue Bird said, “The acquisition is a significant step forward ensuring Blue Bird will remain one of the world’s leading school and commercial bus manufacturers. The acquisition also provides financial stability for our distributors, suppliers and employees.”
The proposed transaction is expected to close in September. Kroll Zolfo Cooper, LLC served as the exclusive financial advisor to Blue Bird in connection with the transaction.
About Blue Bird
Blue Bird offers a complete line of Type A, C, and D school buses in a variety of options and configurations. For nearly 80 years, Blue Bird Corporation has continued to set industry standards with its innovative design, manufacturing capabilities and customer service. Blue Bird has an extensive network of distributors and service-parts facilities throughout North America. For more information, please visit www.blue-bird.com
About Cerberus
Established in 1992, Cerberus Capital Management, L.P. is one of the world’s leading private investment firms. More information on Cerberus can be found at www.cerberuscapital.com.
# # #
For more information contact:
Mike McCurdy of Blue Bird
478-822-2008
Peter Duda of Cerberus
212-445-8213
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ICfan
Top Member
USA
1251 Posts |
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BusBoy
Top Member
USA
2042 Posts |
Posted - 08/26/2006 : 1:57:39 PM
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| I think this is great news for Blue Bird! |
Your Child's Safety is Our Business |
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IC
Top Member
USA
3413 Posts |
Posted - 08/26/2006 : 2:01:19 PM
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quote:
Originally posted by ICfan
THanks for the information, its great to see that BB will stay in business.
Sorry, but it doesn't mean any such thing. |
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BusBoy
Top Member
USA
2042 Posts |
Posted - 08/26/2006 : 2:05:57 PM
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IC,
You think not? I read your membership post, and you are a retired engineer? What makes you think this is bad? |
Your Child's Safety is Our Business |
Edited by - BusBoy on 08/26/2006 2:07:02 PM |
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IC
Top Member
USA
3413 Posts |
Posted - 08/26/2006 : 4:09:12 PM
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quote:
Originally posted by BusBoy
IC,
You think not? I read your membership post, and you are a retired engineer? What makes you think this is bad?
I don't think it's bad, per se. It's just that I mess around in the investment game...and I get stuff all the time about this "opportunity" or that. I know nothing of Cerberus Capital (doesn't ring any bells)...so I have no clue as to their track record in turning around troubled companies. But to me...if outfits like Volvo and Henlys bailed....it HAS to be considered a long shot.
We used to have a 75 years+ established home center chain around here named Hechinger's, that was getting hammered by Home Depot and Lowes. This investment group from L.A. bought it and promised big things. Six months or a year later, Hechingers shut down. Turns out they only wanted the real estate that came with the deal.....and they sold some of the locations to Home Depot (wouldn't surprise me if they were a front for Home Despot! LOL).
I sincerely hope BB survives....they make a fine bus. But, dollars to donuts, I'm betting these Cerberus guys don't know a stop arm from a wigwag! |
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thomas86_a
Top Member
USA
4413 Posts |
Posted - 08/26/2006 : 4:27:30 PM
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| I too hope Blue Bird survives but if I had to choose between running Blue Bird or Ford Motor Company I'd probably pick Ford, they've got a rough road ahead but at least their is some flexibility in the auto industry. |
If you have an International, you NEED customer service. |
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BusBoy
Top Member
USA
2042 Posts |
Posted - 08/26/2006 : 9:43:38 PM
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| Thanks for your reply! I guess life is a risk! I too hope Blue Bird survives! |
Your Child's Safety is Our Business |
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BusBoy
Top Member
USA
2042 Posts |
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MarcWallace
Active Member
USA
25 Posts |
Posted - 08/29/2006 : 5:10:14 PM
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What does the post above have to do with anything?
Yes, I have read it, who cares! |
My Blood Runs Blue in Georgia |
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BusBoy
Top Member
USA
2042 Posts |
Posted - 08/29/2006 : 5:29:57 PM
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| Really!! |
Your Child's Safety is Our Business |
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GABBMan
Active Member
USA
15 Posts |
Posted - 08/29/2006 : 5:30:01 PM
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It's obvious that Michael has a vendetta against BlueBird since every post he has ever put on schoolbusfleet.com about BlueBird has been something negative. Unfortunately, his profile reveals no information about him but I would suspect he at one time had ties to BlueBird.
The post has to do with Cerberus Capital Management's, who just bought BlueBird, ties to the Republican party and Republican politicians. |
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thomas86_a
Top Member
USA
4413 Posts |
Posted - 08/29/2006 : 5:42:30 PM
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| That's an interesting article but both sides of the aisle are corupt in Washington, you can find many ties with many companies and many politicians it really doesn't make any difference to this topic. |
If you have an International, you NEED customer service. |
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michael
Senior Member
USA
109 Posts |
Posted - 08/29/2006 : 5:47:27 PM
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| Just thought it was a fairly telling article about the company that purchased Blue Bird. I can certainly retract it - didn't mean to get anybody defensive. |
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MarcWallace
Active Member
USA
25 Posts |
Posted - 08/29/2006 : 6:31:27 PM
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I want to know what the point is. Now if Michael is hinting that this company is corrupt, I believe that I would remove the post.
Didn't the webmasters on this forum remove some posts on the very old Blue Bird topic because someone mentioned something about some type of illegal activity or was accusing Blue Bird or someone tied to them of doing something along those lines?
I have read Cerberus' website and the companies that they own or have invested in. Many of the companies that are listed are companies that most Americans are familiar with.
As far as I am concerned this seems to be good for us. Since this directly affects me I am happy that we have been bought by a company that has the potential to put Blue Bird back on top!
Believe me we certainly aren't without work or hurting for any work. You would know that if you saw our bus parking lot. |
My Blood Runs Blue in Georgia |
Edited by - MarcWallace on 08/29/2006 6:33:28 PM |
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MorrisV
Advanced Member
Canada
231 Posts |
Posted - 08/29/2006 : 7:42:13 PM
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I have been reading about the Company also. Former Vice President Dan Qayle it seems is Chairman of the Board of Cerberus Capital Management.
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IC
Top Member
USA
3413 Posts |
Posted - 08/29/2006 : 8:04:47 PM
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Hedge fund managers who lose their investors' money soon become FORMER hedge fund managers.
BB is on a short fuse now.... |
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michael
Senior Member
USA
109 Posts |
Posted - 08/30/2006 : 06:34:29 AM
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Marc - all I did was post the article. One can draw their own conclusions. I don't even know what the date on the article was - it could be old news and today Cerberus might be as pure as fresh milk.
I do think that IC is correct and it's fish or cut bait. The fact that production lines might be full certainly doesn't indicate profitability. If you read in the article what type companies Cerberus buys, I would say that the opposite was true and that Blue Bird was maybe even closer to the end very recently than they were in January.
Hedge fund companies are just that. They gamble on 10 companies and hope that 7 make it. We'll see what happens and hope for the best. |
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MorrisV
Advanced Member
Canada
231 Posts |
Posted - 08/30/2006 : 08:07:24 AM
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Does this make Dan Quayle Chairman of Blue Bird? :)
Some not so famous Quayle Quotes;
"...from an historical basis, Middle East conflicts do not last a long time." -
Dan Quayle (OCt 2 1990)
"Unfortunately, the people of Louisiana are not racists." - Dan Quayle (OCT 12
1990
MY FAVORITE
"For NASA, space is still a high priority." - Dan Quayle (SEP 5 1990)
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Edited by - MorrisV on 08/30/2006 08:24:41 AM |
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vaoverland
Advanced Member
USA
225 Posts |
Posted - 08/30/2006 : 08:33:47 AM
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| Responding to earlier negative posts, Cerberus Capital Management's other investments include National and Alamo Rent-A-Car comapnies and part of GMAC. It doesn't appear that they are liquidators. Also, BB is not sitting on a lot a valuable real estate as Hechinger's was. They do have some work to do to stay in the game, but I wouldn't assume the worst based upon Cerberus involvment. |
Wayne's Lifeguard in 1973 was a safety design and building concept ahead of its time and regulation. I am proud to have helped bring over 2,000 of them into Virginia during my career. I know they saved some lives.
http://finance.groups.yahoo.com/group/WayneBusEnthusiasts/
Mark Fisher, semi-retired school bus driver, pupil transportation supervisor, contractor, and school bus body dealer, Williamsburg, VA |
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IC
Top Member
USA
3413 Posts |
Posted - 08/30/2006 : 1:49:56 PM
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"Does this make Dan Quayle Chairman of Blue Bird? :)"
Maybe technically....but I seriously doubt he even comes to work.
They guys are figureheads that are paid royally for their connections on Capitol Hill.
Living in the DC area, I can tell you that former Congressmen and Senators NEVER go home. When they get beat (or want to make some REAL money) they just join the K Street lobbying firms. Even if they have to "go away" (jail) for a while, they will be back....they NEVER go home. Tom "The Hammer" DeLay* bought a condo in Alexandria, Va and I've heard he might run for mayor! LOL
*Tom didn't have to jail....just forced to resign. |
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MorrisV
Advanced Member
Canada
231 Posts |
Posted - 08/30/2006 : 8:13:45 PM
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| Dan Quayle as a figure head? |
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IC
Top Member
USA
3413 Posts |
Posted - 08/31/2006 : 07:20:33 AM
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quote:
Originally posted by MorrisV
Dan Quayle as a figure head?
Sure....as a former Vice President, I imagine everybody in town will take his call. Access means $$$$$ in this town. |
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Blue Bird Acquired
