Vista Outdoor discloses unsolicited proposal from Colt CZ Group at $30 per share

On Wednesday evening, the company stated: “Vista Outdoor announced that it has received an unsolicited proposal from Colt CZ Group SE pursuant to which Colt CZ and Vista Outdoor would be combined in a cash and stock transaction that Colt CZ states would attribute a value of $30 to each share of Vista Outdoor common stock. As previously announced, on October 15, 2023, Vista Outdoor entered into an agreement and plan of merger pursuant to which Vista Outdoor has agreed to sell its Sporting Products business to Czechoslovak Group a.s. for an enterprise value of $1.91 billion in an all-cash transaction subject to customary closing conditions. Vista Outdoor’s Board of Directors has not made any determination with respect to the Colt CZ Proposal within the framework contemplated by the existing merger agreement with CSG, which remains in effect, nor has it changed its recommendation in support of the acquisition of its Sporting Products business by CSG. Vista Outdoor’s Board of Directors will carefully review the Colt CZ Proposal, in accordance with its fiduciary duties and its obligations under the existing merger agreement with CSG, in consultation with its financial and legal advisors. Vista Outdoor’s Board of Directors remains committed to acting in the best interests of Vista Outdoor stockholders.”