Vista Outdoor rejects unsolicited indication of interest from MNC Capital

Vista Outdoor announced that its board of directors, following consultation with its financial and legal advisors, has rejected the unsolicited indication of interest received from MNC Capital on March 25 pursuant to which MNC expressed interest in acquiring Vista Outdoor in an all-cash transaction for $37.50 per Vista Outdoor share. The board issued a letter to MNC which is reproduced below. The board believes there is significantly more value in the Revelyst business than MNC credited in its indication of interest. The company expects to drive a $100M improvement in adjusted EBITDA by FY27. Vista Outdoor is also on its way to deliver on the GEAR Up initiative and expects to deliver $25M-30M in savings while doubling standalone adjusted EBITDA in FY25. Additionally the company’s strong cash generation and pay down of total debt by $115M in Q4 of FY24 reinforces the fact that the MNC indication of interest undervalues the Revelyst business. The board continues to recommend the acquisition of The Kinetic Group by Czechoslovak Group a.s.