Vista Outdoor (NYSE:VSTO) shares are up more than 5% Friday after the company confirmed it had received an unsolicited takeover offer from MNC Capital.
Vista said MNC Capital has made an all-cash transaction offer of $35 per Vista share. The offer represents a 12% premium to the closing price of Vista's share on Thursday.
In October, Vista Outdoor entered into an agreement to sell its Sporting Products business to Czechoslovak Group a.s. for an enterprise value of $1.91 billion in an all-cash transaction subject to customary closing conditions.
Vista Outdoor stated it has not made any decision regarding the MNC offer within the framework contemplated by the existing merger agreement with CSG, which remains in effect. In addition, it hasn't changed its recommendation in support of the acquisition of its Sporting Products business by CSG.
"Vista Outdoor’s Board of Directors is carefully reviewing the MNC Indication, in accordance with its fiduciary duties and its obligations under the existing merger agreement with CSG, in consultation with its financial and legal advisors," said the company.