Vista Outdoor Responds To MNC's Revised Proposal, Criticizes Tight Deadline And Public Announcement

(RTTNews) - Responding to MNC Capital's most recent communication, Vista Outdoor Inc. (VSTO) stated on Saturday that it has been engaged in extensive negotiations with MNC. MNC submitted a revised proposal on Friday evening that expires on Monday. The public announcement by MNC shortly after delivering the proposal, along with the tight deadline, reflects a frustrating and unproductive pattern.

Vista Outdoor said its board remains committed to maximizing shareholder value, will continue discussions with MNC and other interested parties, and will provide updates to shareholders in due course.

Earlier today, MNC Capital Partners stated that on September 6, it sent a letter to Vista Outdoor offering an increased all-cash purchase price of $43.00 per share. This offer was made despite substantial market headwinds for consumer spending and softness in Vista's recent quarterly results.

Since the Vista Outdoor Board of Directors determined on July 31 that MNC Capital's proposed acquisition would likely result in a superior offer compared to the CZECHOSLOVAK GROUP a.s.or "CSG" transaction, MNC, along with its partners and capital providers, has completed its due diligence review in preparation for making a revised offer, MNC Capital said in the letter.

While MNC Capital Partners appreciates the efforts of Vista Outdoor and its advisors over the past two weeks, the lack of engagement prior to that period was disappointing.

MNC Capital Partners said it does not understand why the Vista Board did not terminate the CSG agreement when it had the opportunity, which now requires Vista to provide four business days' notice to CSG before a deal can be signed with MNC Capital Partners. Additionally, the decision to keep the April 1 record date leaves open the possibility of a fifth attempt to obtain shareholder approval for a CSG transaction that still includes highly speculative Revelyst shares. MNC Capital Partners does not foresee shareholder approval ever being achieved.