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Reiterates Intention to Vote AGAINST the CSG Proposal
Recently Released Financial Results from Vista Make It Clear That Selling the Entire Company Provides Shareholders a Better Return Than Divesting The Kinetic Group
NEW YORK, July 26, 2024 /PRNewswire/ -- Gates Capital Management, Inc. ("Gates Capital Management" or "we"), an event-driven alternative asset manager that beneficially owns 5,589,041 shares of common stock, or approximately 9.6%, of Vista Outdoor, Inc. ("Vista" or the "Company") (NYSE: VSTO), today stated its belief that the $42 all-cash offer for Vista from MNC Capital Partners, L.P. ("MNC") is superior to the proposed sale of The Kinetic Group to Czechoslovak Group a.s. ("CSG") and reiterated its opposition to the CSG proposal.
On Monday, July 22, 2024 Vista disclosed CSG's revised offer for The Kinetic Group in a press release (the "July 22 Press Release") as well as preliminary Q1 2025 financial results. On the same day, MNC reaffirmed its commitment to its fully financed $42 per share all-cash offer for Vista. After carefully reviewing the revised offer and the updated financial results, we strongly believe that the proposed transaction from CSG is not in the best interest of shareholders and that the Company should immediately begin negotiating a merger agreement with MNC.
Posted In: VSTO
