At 10 a.m. EST yesterday morning, Vista Outdoor Shareholders were scheduled to vote on the $2.15 billion sale of their ammunition division to Czechoslovak Group (CSG).
Instead, Vista cancelled the vote and officials now say the company will seek “strategic alternatives.” According to market experts, Vista is now engaging with MNC Capital, the investment group that had offered more than $3 billion for the entire company. CSG and MNC have fought since the first of the year for their offers, with both increasing their offers I response. Gates Capital, the investment company that owns nearly 10% of Vista’s stock, has opposed the CSG deal, and has campaigned tirelessly to ask the company to “engage” with MNC regarding their $42/per share offer. Vista (NYSE: VSTO) shares closed at $40.80 per share yesterday, an increase of $1.96/share.
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