Vista Outdoor receives increased acquisition offer from MNC Capital

Vista has received an increased all-cash proposal from MNC Capital Partners to acquire all of the outstanding shares of Vista for $39.50 per share, or over $3.0B. The revised proposal represents a premium of 46% to the VWAP to the last closing price before MNC’s initial offer on February 19. The revised offer is also an over 30% premium to the last closing price prior to MNC’s initial offer. Additionally, the latest offer implies a value for Revelyst of over $1B, as compared to Vista’s valuation for Revelyst of $570M in its own investor presentation on February 1. MNC’s revised offer is based on the Transaction Expenses being $50M, and will be adjusted up or down based on the actual amount of Transaction Expenses. MNC believes that absent its interest in an acquisition, Vista’s share price would trade back to where it was prior to MNC’s initial offer, which was below $30.00 per share. MNC’s revised proposal is not subject to any financing condition and the financing structure remains the same.