ANOKA, Minn. - Vista Outdoor Inc . (NYSE: NYSE:VSTO), a leading provider of outdoor sports and recreation products, is currently evaluating a revised acquisition proposal from MNC Capital. The new all-cash offer of $37.50 per share comes after Vista Outdoor's board rejected an initial bid of $35.00 per share made by MNC on February 19, 2024.
The initial proposal was dismissed by the board on March 4, 2024, after a detailed review with legal and financial advisors. The board concluded that the offer was not financially superior to the existing merger agreement with Czechoslovak Group a.s. (CSG), and raised concerns about the feasibility of completion.
Despite the revised offer, Vista Outdoor's board has not yet made a decision regarding the new indication of interest from MNC and continues to support the transaction with CSG for the acquisition of its Sporting Products business. The board is carefully considering the revised proposal in line with its fiduciary duties and the terms of the current CSG merger agreement.
Vista Outdoor advises its stockholders that no action is required from them at this time. The company's financial advisors, Morgan Stanley & Co (NYSE:MS). LLC, and legal advisors, Cravath, Swaine & Moore LLP, along with Moelis (NYSE:MC) & Company LLC and Gibson, Dunn & Crutcher LLP, who are advising the independent directors, are assisting in the review of the revised offer.
The company, home to brands such as Bushnell, CamelBak, and Federal Ammunition, has stated that its board is dedicated to acting in the best interests of its stockholders.
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