Vista Outdoor postpones special shareholder meeting to consider company’s latest offer

Vista Outdoor’s board of directors has postponed a special meeting of shareholders scheduled for Tuesday to evaluate the latest offers for the Anoka-based company.

The board is expected to conduct due diligence on MNC Capital’s latest offer, which was raised to $42 per share, or about $3.2 billion.

MNC has made several unsolicited offers to buy all of Vista. The board approved an offer from the Czechoslovak Group (CSG) to buy its munitions business, Kinetic Group, for $2 billion. The offer received approval earlier this week from the Committee on Foreign Investment in the United States (CFIUS).

MNC’s latest offer came after CFIUS approval. Analysts then urged Vista to postpone the shareholder meeting to fully evaluate the $3.2 billion offer.

The new general meeting of shareholders is scheduled for July 23.

In October, Prague-based CSG outbid dozens of other bidders to acquire The Kinetic Group, which includes Anoka-based Federal Ammunition, as well as Remington, Speer, CCI and other brands. CSG Group initially offered $1.91 billion, but increased its offer twice to $2 billion.

Under the CSG deal, Vista’s 34 outdoor brands, including Foresight Sports, Bell and Camelbak, would then be consolidated into a new public company called Revelyst.

MNC Capital, a group of 10 U.S.-based investors, has already made offers of $35 per share, $37.50 and $39.50 this year to acquire all of Vista Outdoor. These offers were reviewed by Vista Outdoor’s board of directors and its legal and financial advisors before being rejected.

MNC said its latest offer would be its final offer.

Vista Outdoor sent a letter to Mark Gottfredson, a former Vista Outdoor board member who is leading the MNC Capital effort, asking for evidence of committed financing, a consistent complaint about previous MNC offerings. Vista’s board is asking MNC Capital to provide that evidence by July 1.

As Vista’s board considers MNC Capital’s latest offer, it continues to recommend that shareholders support the proposed deal with CSG Group.