Vista Outdoor up after MNC Capital raises buyout deal bid

Vista Outdoor

26/06/2024 15:26

(Updates)
    ** Shares of sporting and outdoor goods maker Vista Outdoor
 VSTO.N  up as much as 11.4% to over two-year high of $37.64
    ** Investment firm MNC Capital increases bid to $42/shr from
$39.50/shr to acquire VSTO
    ** Latest offer implies a nearly 35% premium to company's
closing price on Feb. 29, a day before MNC first made a bid of
$35/shr
    ** If gains hold, stock set for best day since May 2023
    ** On Monday, VSTO agreed to sell its sporting products and
ammunition business for about $2 bln after Prague-based defense
firm Czechoslovak Group raised offer for second time
    ** We believe shareholder pressure to accept the whole
takeout offer could meaningfully increase now that the price has
surpassed the $40 mark - Anna Glaessgen, analyst with B. Riley
Securities
    ** As of last close, VSTO stock up nearly 14% YTD

 (Reporting by Anuja Bharat Mistry in Bengaluru)
 ((AnujaBharat.Mistry@thomsonreuters.com))