MNC raises cash offer to $43 per share for Vista

On September 6, MNC Capital Partners, L.P. communicated a revised all-cash offer of $43.00 per share to Vista Outdoor Inc. This offer comes despite challenging market conditions affecting consumer spending and Vista's recent financial performance. MNC's proposal follows the Vista Board's earlier determination that MNC's acquisition could present a superior alternative to the existing agreement with CZECHOSLOVAK GROUP a.s. (CSG). MNC has completed its due diligence and is ready to sign a Merger Agreement, which has been extensively negotiated. MNC's acquisition would lead to its ownership of The Kinetic Group, which is expected to benefit from being a US-owned private entity, avoiding the complications associated with foreign ownership. The letter emphasizes the confidence MNC's partner has in the leadership of Revelyst, indicating a commitment to provide significant equity support both at closing and post-transaction to foster growth. MNC expressed disappointment over the lack of engagement from Vista and questioned the Board's decision not to terminate the CSG agreement when it had the opportunity. The letter highlights the procedural requirements that Vista must follow, including a four-business-day notice to CSG before any deal can be finalized with MNC. MNC's offer is contingent upon the Vista Board notifying CSG of its intent to sign the Merger Agreement by September 9, with a deadline for signing set for September 13. If this condition is not met, MNC will withdraw its revised offer, indicating the urgency and competitive nature of the acquisition process.