Vista rejects last-minute offer from US investors, solidifies deal with Czech company

Vista Outdoor’s board of directors said Monday it had rejected what MNC Capital said was its final offer for the Anoka-based company.

Vista called MNC’s final $3.2 billion offer “inadequate and opportunistic” and seriously undervalued its outdoor brands division, Revelyst.

This means that the company will present to shareholders on July 23, as planned, a plan to sell its ammunition brands, including Federal and Remington, to the Czechoslovak Group (CSG). Under the proposal, Revelyst, which includes the Bell, Fox and CamelBak brands, will become a new publicly traded company.

The general meeting of shareholders has been postponed several times due to maneuvers between the parties.

Also on Monday, Prague-based CSG again raised its offer for Kinetic Group’s munitions business to $2.1 billion. Its initial bid in October was $1.91 billion.

CSG’s offer is controversial because the company is Czech-owned. The deal has received the necessary approval from the Treasury Department’s Committee on Foreign Investment in the United States.

MNC had stressed that it was comprised of U.S.-based investors. Like CSG, it had raised its offer several times. The final offer of $3.2 billion was made on June 26 and was $39.50 per share from $42 per share.

Vista said it was ready to close the deal with CSG by the end of July, once shareholders approve the deal. MNC Capital has repeatedly said its deal would face less regulatory scrutiny and could close more quickly, but Vista said in its statement that a deal with MNC Capital would take several months to close.