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MNC Capital Partners escalated its bid to acquire Vista Outdoor, Inc. (NYSE:VSTO) to $37.50 per share, a proposal valuing the company at ~$3.0 billion.
The revised offer represents a premium of over 16% to Vista’s closing price of $32.26 on Friday.
This new bid surpasses Vista’s pre-offer share price of below $30.00 and significantly increases MNC’s initial February 19, 2024, offer. It assesses Revelyst at $1.1 billion, up 93% from Vista’s early February valuation of $570 million.
MNC’s offer, free from financing contingencies and CFIUS review, aligns with Vista’s financing and information requests as of March 4, 2024.
MNC encourages a swift Vista response, touting the deal’s benefits for shareholders and employees and envisaging a thriving future for Vista under private ownership, alongside a commitment to the well-being of its staff and communities.
Earlier this month, Vista acknowledged an unsolicited bid from MNC at $35.00 per share, with MNC, under Mark Gottfredson, aiming to finance the deal with $1.5 billion in equity and $1.4 billion in debt.
In a separate statement, Vista Outdoor said its segment Revelyst has acquired PinSeeker, a Wasserman portfolio company, and a simulator off-course golf and connectivity app that hosts real-time, virtual, closest-to-the-pin tournaments.
Price Action: VSTO shares are trading higher by 0.37% at $32.38 on Monday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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Posted In: VSTO
