MNC Capital submits proposal to acquire Vista Outdoor for $35.00 per share cash

MNC Capital Partners announced that on February 19, it submitted a proposal to acquire Vista Outdoor for $35.00 per share at which point Vista’s closing share price was below $30.00 per share. MNC submitted a proposal on February 19, to which Vista Outdoor responded on February 26. MNC sent a follow up letter on February 28, to which Vista Outdoor responded on February 29, the firm announced in a press release. The letter that the firm released publicly stated in part: “We are writing to express our strong interest in acquiring all the outstanding shares of Vista Outdoor Inc. for a purchase price per share of $35.00 in cash. This proposed transaction is materially superior to the October 16, 2023 publicly announced sale of the Company’s Sporting Products division, The Kinetic Group, to CZECHOSLOVAK GROUP a.s., and the separation of the Company’s Outdoor Products division, Revelyst, Inc., into a public company. The Transaction would allow the Sporting Products business and its critical national security assets to remain under U.S. ownership and would create value certainty and enhanced sponsorship for the Outdoor Products business. The proposed price offers a substantial premium to Vista’s share price, which already reflects a takeover premium. Given Vista’s share price is currently trading close to its 52-week high, our proposal also reflects a highly attractive value overall to Vista’s shareholders.”