MNC Capital Increases All-Cash Offer to Acquire Vista Outdoor to $42 Per Share
26 Junio 2024 - 5:22AM
Business Wire
- Increased offer represents 55% premium to unaffected trading
prices
- MNC has secured debt and equity commitments more than
sufficient to close the transaction
MNC Capital Partners, L.P. (“MNC”) today announced it has
increased its all-cash offer to acquire Vista Outdoor, Inc. (NYSE:
VSTO) to $42.00 per share, or approximately $3.2 billion.
The revised proposal represents a premium of 55% to the VWAP
from when Vista’s transaction with the Czechoslovak Group a.s.
(“CSG”) was announced on October 16, 2023 to the last closing price
before MNC’s initial offer on February 19, 2024. The revised offer
is also an over 40% premium to the last closing price prior to
MNC’s initial offer.
When MNC made its initial bid in mid-February, Vista’s shares
were trading below $30 — at that time, the market reflected the
acquisition of Kinetic by CSG. Yesterday, Vista shares closed at
$33.78 — the shares would have closed significantly lower without
the expectation that MNC would be continuing to pursue the
acquisition of Vista. MNC’s revised proposal represents a premium
of almost 25% to yesterday’s closing price.
Given MNC’s belief that its acquisition of Vista is in the best
interests of shareholders, employees and national security, MNC
decided to make one final effort for such acquisition by increasing
its June 6, 2024 proposal from $39.50 per share all cash to $42.00
per share all cash. MNC said that it cannot see any possible basis
or reason to further raise it.
MNC’s revised proposal is all cash, has no regulatory issues and
is not subject to any financing conditions. MNC holds secured debt
and equity commitments more than sufficient to close the
transaction and stands ready to provide those to Vista.
MNC expects that the Vista Board will move forward expeditiously
to sign a merger agreement on the terms proposed. MNC believes a
definitive agreement can be executed in a matter of days.
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Media: Michael Landau / Lauren Odell, Gladstone Place
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