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Vista Outdoor Inc (NYSE:VSTO) confirmed the receipt of an unsolicited indication of interest from MNC Capital in an all-cash transaction for $35.00 per Vista share.
MNC Capital plans to fund the transaction with approximately $1.5 billion of equity and $1.4 billion of debt financing.
The investment firm, represented by Mark Gottfredson, emphasizes that its offer ensures U.S. ownership of the sporting-products division and national-security assets.
Vista Outdoor said its Board is carefully reviewing the MNC offer in accordance with its fiduciary duties and obligations under the existing merger agreement with Czechoslovak Group a.s. (CSG).
Vista Outdoor said its Board has not made any determination concerning the interest, nor has it changed its recommendation in support of the acquisition of its Sporting Products business by CSG.
Recently, Colt CZ Group attempted to disrupt the CSG deal with its unsolicited bid of $30 per share for all of Vista, which was rebuffed by Vista, citing undervaluation and inferior terms compared to the Czech deal.
Vista Outdoor urged its stockholders not to take any action at this time.
Price Action: VSTO shares are trading higher by 4.60% at $32.63 on the last check Friday.
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Posted In: VSTO
