Blue Bird Corp (BLBD): Spitfire Capital Fires Letter To The Board, Still Opposes Takeover

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Item
1. Security and Issuer

The
title of the class of equity security to which this statement on Schedule 13D relates is the Common Stock, par value $0.0001 per
share (the “Common Stock”) of Blue Bird Corporation, a Delaware corporation (the “Issuer”).

This
Amendment No. 1 to Schedule 13D (this “Amendment No. 1”) amends and supplements the statement on Schedule 13D (the “Original
Schedule 13D”), filed on July 26, 2016 by the Reporting Persons, relating to shares of Common Stock.

All
capitalized terms contained herein but not otherwise defined shall have the meanings ascribed to such terms in the Original Schedule
13D.

Except
as specifically amended by this Amendment No. 1, the Original Schedule 13D is unchanged.

The
address of the Issuer’s principal executive offices is 402 Blue Bird Boulevard, Fort Valley, Georgia 31030.

Item
4. Purpose of Transaction

Item
4 is hereby amended by deleting Item 4 of the Original Schedule 13D in its entirety and replacing it with the following:

The
Shares covered by this statement were originally acquired in the ordinary course of business solely for investment purposes and
not for the purposes of participating in or influencing the management of the Issuer.

On
July 20, 2016, American Securities LLC submitted a non-binding indication of interest letter to the special committee of the board
of directors of the Issuer for the acquisition by ASP BB Holdings LLC (“Holdings”) of all of the outstanding fully-diluted
equity of the Issuer not currently owned by Holdings and its affiliates (the “Transaction”). The Reporting Persons currently
intend to oppose the Transaction, and such opposition may result in any of the actions specified in Items 4(a) through 4(j) to
the Schedule 13D general instructions.

The
Reporting Persons today amend the Original Schedule 13D to include the letter attached hereto as Exhibit B (the “Letter”)
and the Appendix to the Letter, attached hereto as Exhibit C.

The
Reporting Persons sent the Letter to the Special Committee of the Board of Directors of the Issuer to express their opposition
to the Transaction which Spitfire Capital believes significantly undervalues the Issuer.

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