Vista Outdoor rejects indication of interest from MNC Capital

Vista Outdoor announced that its board, following consultation with its financial and legal advisors, has rejected the unsolicited indication of interest received from MNC Capital pursuant to which MNC expressed interest in acquiring Vista Outdoor in an all-cash transaction for $39.50 per Vista Outdoor share. The company said, “After a thorough evaluation of the merits and risks of MNC’s latest indication of interest, the Vista Outdoor Board has determined that MNC’s latest indication of interest would not be more favorable to Vista Outdoor stockholders from a financial point of view than, and would not reasonably be expected to be superior to, the transactions contemplated by the Czechoslovak Group a.s. (“CSG”) merger agreement. The Vista Outdoor Board has therefore rejected MNC’s latest indication of interest. Vista Outdoor filed a supplemental presentation with the U.S. Securities and Exchange Commission (“SEC”) highlighting the Company’s extensive engagement with MNC and the reasons for the Board’s determination that MNC’s latest indication of interest continues to undervalue the Company. The Company today issued a separate press release confirming receipt of a $2+ billion indication of interest from a U.S. based private investment firm (“an alternative party”) for The Kinetic Group. The Board of Directors has determined the indication of interest from the alternative party would reasonably be expected to lead to a superior proposal and meets the standard for engagement under the terms of the CSG merger agreement. The Company remains bound by the terms of the merger agreement with CSG, and the Vista Outdoor Board continues to recommend the acquisition of The Kinetic Group by CSG.”