Vista Outdoor delays shareholder meet to vote on CSG deal again (updated)

Vista Outdoor

24/09/2024 15:52

(Adds Vista's response in paragraph 4)
       Sept 24 (Reuters) - Vista Outdoor  VSTO.N  has again
delayed a special shareholder meeting to vote on Czechoslovak
Group's (CSG) $2.15 billion offer for the firm's ammunition unit
and a stake in its outdoor division.
    The meeting, which was scheduled to take place on Sept. 27,
has been delayed to Oct. 9, the company said on Tuesday.
    The revised date would be the last possible before the deal
with CSG terminates on Oct. 15, Vista said.
    Vista declined to comment on why the meeting was delayed.
    The company had delayed the meeting six times before
Tuesday's move as it fielded multiple offers since October last
year, when CSG first bid for the company's ammunition unit, a
month after it decided to separate its two business segments.
    Investment firm MNC Capital entered the fray in March with a
$2.9 billion offer for the entire company, and raising it to a
final offer of more than $3.2 billion, or $43 per share. 
    Vista's board has rejected all of MNC's offers, calling them
undervalued.
    Earlier this month, Vista said CSG would also buy a 7.5%
stake in the sporting gear unit, Revelyst, for $150 million,
while revising the deal for the ammunition unit to $2.15
billion.
    The board has consistently recommended shareholders to vote
in favor of the CSG transaction.

 (Reporting by Anuja Bharat Mistry in Bengaluru; Editing by
Sriraj Kalluvila)
 ((AnujaBharat.Mistry@thomsonreuters.com;))