Vista Outdoor gains after CSG raises bid for firm's unit to $2.15 bln

Hybrid Kinetic

22/07/2024 14:06

(Updates)
    ** Shares of sporting goods company Vista Outdoor  VSTO.N 
reverse course to rise 2.7% to $38.59 before the bell 
    ** Company says Czechoslovak Group (CSG) has raised the bid
for acquisition of its ammunition business, Kinetic Group, for a
fourth time, increasing base purchase price by $50 mln to $2.15
bln
    ** Vista stockholders would receive $24 per share in cash
and one common stock of Revelyst, the company's performance gear
business, upon deal closing
        ** VSTO previously agreed to CSG's third bid of $2.10
bln, but the offer faced opposition from some shareholders
  
    ** Vista on July 8 rejected MNC Capital's final buyout offer
of $3.2 bln for the whole company, citing the investment firm
undervalued Revelyst 
    ** MNC says it will make a tender offer to Vista's
shareholders at $42 per share if the company approved, but it
would not reduce its final bid
    ** Up to Friday's close, VSTO stock had risen ~27% so far
this year

 (Reporting by Ananya Mariam Rajesh in Bengaluru)
 ((AnanyaMariam.Rajesh@thomsonreuters.com ; Twitter: https://twitter.com/AnanyaMariam))