Sept 10 (Askume) – Vista Outdoor (VSTO.N) said on Tuesday it has not made any decision on MNC Capital’s latest takeover bid and postponed a special investor meeting on the sale of its ammunition unit to Czechoslovak Defence Company Group (CSG).
The investment firm raised its offer price by $1 per share over the weekend , valuing Vista at $2.51 billion, but gave a strict deadline, which expired on Monday.
The multinational entered the fray in March when it first acquired a stake in Vista, which was planning to sell its sporting goods business, for about $2 billion.
Vista’s stock was trading at a price well above its current price of around $38.
Both MNC and CSG are locked in a protracted bidding war for Vista, which has split its performance equipment and ammunition business into two separate units in 2022.
Meanwhile, CSG signed a $2.15 billion deal to acquire ammunition unit Kinetic Group in July after raising its offer multiple times.
Vista on Tuesday said the investor meeting will be held on September 27 instead of September 13 as it “intends to continue constructive engagement with multinational companies.”
However, the company reiterated shareholder recommendations for the CSG deal. Its shares were up nearly 3% in early trade.
(This story has been corrected to set deal value at $2 billion from $2.9 billion in paragraph 3)
