Vista Outdoor yet to decide on MNC Capital takeover bid, delays investor meet

Vista Outdoor

10/09/2024 15:44

Sept 10 (Reuters) - Vista Outdoor  VSTO.N  said on
Tuesday it has not yet decided on the latest buyout offer from
MNC Capital and delayed its special investor meet to vote on a
separate deal to sell its ammunition unit to defense firm
Czechoslovak Group (CSG).
    The investment firm had over the weekend raised its per
share offer by $1, valuing Vista at $2.51 billion, but gave a
tight deadline that expired on Monday.
    MNC entered the race in March when it first offered $2.9
billion for Vista, which was then planning to sell its sporting
goods business.
     Vista shares were then trading at a much higher price than
its current value of about $38. 
    Both MNC and CSG have been locked in a long bidding war for
Vista, which divided its performance gear and ammunition
businesses into two separate units in 2022.
    Meanwhile, CSG signed a $2.15 billion deal for the
ammunition unit, Kinetic Group, in July after raising the offer
several times.
    Visa said on Tuesday the investor meet will take place on
Sept. 27 instead of Sept. 13, as it "intends to continue to
constructively engage with MNC".
    Still, the company reiterated its shareholder recommendation
in favor of the CSG deal. Its shares were up about 3% in morning
trading.

 (Reporting by Savyata Mishra in Bengaluru; Editing by Arun
Koyyur)
 ((Savyata.Mishra@thomsonreuters.com;))