Vista Outdoor announces that its Board of Directors has commenced a review of strategic alternatives (38.84)
- Exploration of a full range of alternatives for Revelyst, including a potential sale of Revelyst. The Czechoslovak Group a.s. ("CSG") is also considering an acquisition of Revelyst with potential partners (in addition to its proposed acquisition of The Kinetic Group).
- Engagement with MNC Capital ("MNC") and its private equity partner with respect to its proposal to acquire Vista Outdoor to see if it can deliver superior value for the Company's stockholders. This follows MNC's recent public statement on July 26, 2024 that "if there were a reason or basis to increase our offer, including Vista engaging with us and providing one, we would increase our offer price". In light of this recent statement, the Board has determined that MNC's proposal would reasonably be expected to lead to a superior proposal and meets the standard for engagement under the terms of the CSG merger agreement. Considering the extensive diligence conducted by MNC and its private equity partner to date, Vista Outdoor expects MNC to be able to confirm an increasedproposal for the acquisition of Vista Outdoor in short order.
- Continued consideration of the separation of Revelyst and The Kinetic Group through a spin-off.
- In light of this announcement, Vista Outdoor will adjourn the special meeting of stockholders scheduled to be held at 9:00 am (Central Time) on July 30, 2024, to 9:00 am (Central Time) on September 13, 2024. The Board continues to recommend Vista Outdoor stockholders vote in favor of the proposal to adopt the merger agreement with CSG at the Special Meeting.