Vista Outdoor shareholder Gates Capital believes MNC’s offer superior to CSG’s

Vista Outdoor shareholder Gates Capital, an alternative asset manager that owns approximately 9.6% of the shares of Vista, stated its belief that the $42 all-cash offer for Vista from MNC Capital is superior to the proposed sale of The Kinetic Group to Czechoslovak Group and reiterated its opposition to the CSG proposal. Gates stated that if shareholders assume CSG and MNC are each paying the same $2.15B for The Kinetic Group, then MNC is also paying approximately $900M additional cash for Revelyst, which generated approximately $40M of EBITDA the last twelve months, and that the MNC proposal would pay shareholders approximately 22x LTM EBITDA for Revelyst. Gates notes that on July 24, ISS recommended that shareholders vote against the latest CSG merger proposal. Gates also stated that they believe Vista should set a more current record date in light of delaying the vote on the CSG proposal several times.