Canada-based MNC Capital has made a new offer to Vista Outdoor, stating its interest in acquiring the retailer in an all-cash transaction for $3 billion, after its previous bid was rejected.
The investment firm is seeking to buy Vista Outdoor for $37.50 per share, up from its original offer of $35.00 per share, or $2.90 billion, on February 19.
On March 4, the Vista board of directors rebuffed the “unsolicited indication of interest”, stating that it significantly undervalues the company and is not in the best interest of stockholders.
The retailer confirmed it had received the revised proposal from MNC and is working with financial and legal advisors to carefully review it. This takes place in accordance with its fiduciary duties and obligations under the existing merger agreement with Czechoslovak Group.
“Vista Outdoor’s board of directors remains committed to acting in the best interests of Vista Outdoor stockholders,” the company stated.
Vista Outdoor is the parent company of sporting and outdoor brands including Bushnell, CamelBak, Foresight Sports, Fox Racing, Camp Chef, Giro, QuietKat, Stone Glacier, Federal Ammunition, and more.
