Vista Outdoor’s Board of Directors Comments on Public Communication from MNC Capital
Vista Outdoor Inc. (NYSE: VSTO) Board of Directors has responded to MNC Capital's recent communication regarding a proposal. The Board stated that despite extensive negotiations and good faith efforts, MNC sent a revised proposal late Friday evening with a Monday expiration. The Board views MNC's public communication shortly after the proposal's delivery and the short expiration timeline as unconstructive and part of a frustrating pattern.
The Vista Outdoor Board remains committed to maximizing stockholder value and will continue discussions with MNC and other parties. The company has engaged Morgan Stanley & Co. as its financial adviser and Cravath, Swaine & Moore LLP as legal adviser. Additionally, the independent directors have retained Moelis & Company as financial adviser and Gibson, Dunn & Crutcher LLP as legal adviser.
Il Consiglio di Amministrazione di Vista Outdoor Inc. (NYSE: VSTO) ha risposto alla recente comunicazione di MNC Capital riguardo a una proposta. Il Consiglio ha dichiarato che, nonostante lunghe trattative e buone intenzioni, MNC ha inviato una proposta rivista venerdì sera tardi con una scadenza per lunedì. Il Consiglio considera la comunicazione pubblica di MNC subito dopo la consegna della proposta e la breve scadenza come non costruttiva e parte di un frustrante modello.
Il Consiglio di Vista Outdoor rimane impegnato a massimizzare il valore per gli azionisti e continuerà le discussioni con MNC e altre parti. L'azienda ha ingaggiato Morgan Stanley & Co. come consulente finanziario e Cravath, Swaine & Moore LLP come consulente legale. Inoltre, i direttori indipendenti hanno contratto Moelis & Company come consulente finanziario e Gibson, Dunn & Crutcher LLP come consulente legale.
La Junta Directiva de Vista Outdoor Inc. (NYSE: VSTO) ha respondido a la reciente comunicación de MNC Capital sobre una propuesta. La Junta declaró que a pesar de las extensas negociaciones y los esfuerzos de buena fe, MNC envió una propuesta revisada el viernes por la noche con una fecha de expiración para el lunes. La Junta considera la comunicación pública de MNC poco después de la entrega de la propuesta y el breve plazo de expiración como no constructivo y parte de un patrón frustrante.
La Junta de Vista Outdoor sigue comprometida con maximizar el valor para los accionistas y continuará las discusiones con MNC y otras partes. La empresa ha contratado a Morgan Stanley & Co. como su asesor financiero y a Cravath, Swaine & Moore LLP como su asesor legal. Además, los directores independientes han retenido a Moelis & Company como asesor financiero y a Gibson, Dunn & Crutcher LLP como asesor legal.
비스타 아울도어 주식회사(Vista Outdoor Inc.) (NYSE: VSTO) 이사회는 최근 MNC 캐피탈의 제안 관련 커뮤니케이션에 대해 응답했습니다. 이사회는 광범위한 협상과 성실한 노력이 있었음에도 불구하고 MNC가 금요일 늦게 수정된 제안을 월요일 만료일로 보냈다고 밝혔습니다. 이사회는 제안 전달 직후의 MNC의 공개 커뮤니케이션과 짧은 만료 일정을 비생산적이고 실망스러운 패턴의 일부로 간주하고 있습니다.
비스타 아울도어 이사회는 주주 가치를 극대화하는 것에 전념하고 있으며 MNC 및 기타 당사자와의 논의를 계속할 것입니다. 회사는 Morgan Stanley & Co.를 재무 고문으로, Cravath, Swaine & Moore LLP를 법률 고문으로 고용했습니다. 또한 독립 이사들은 Moelis & Company를 재무 고문으로, Gibson, Dunn & Crutcher LLP를 법률 고문으로 retained 해두었습니다.
Le Conseil d'Administration de Vista Outdoor Inc. (NYSE: VSTO) a répondu à la récente communication de MNC Capital concernant une proposition. Le Conseil a indiqué que malgré des négociations approfondies et des efforts de bonne foi, MNC a envoyé une proposition révisée tard vendredi soir avec une expiration lundi. Le Conseil considère la communication publique de MNC peu après la livraison de la proposition et le court délai d'expiration comme non constructif et faisant partie d'un modèle frustrant.
Le Conseil de Vista Outdoor reste engagé à maximiser la valeur pour les actionnaires et continuera les discussions avec MNC et d'autres parties. L'entreprise a engagé Morgan Stanley & Co. en tant que conseiller financier et Cravath, Swaine & Moore LLP en tant que conseiller juridique. De plus, les administrateurs indépendants ont retenu Moelis & Company comme conseiller financier et Gibson, Dunn & Crutcher LLP comme conseiller juridique.
Der Vorstand von Vista Outdoor Inc. (NYSE: VSTO) hat auf die jüngste Mitteilung von MNC Capital zu einem Vorschlag reagiert. Der Vorstand erklärte, dass MNC trotz umfangreicher Verhandlungen und guter Absichten am Freitagabend einen überarbeiteten Vorschlag mit Ablauf am Montag eingesendet hat. Der Vorstand sieht die öffentliche Mitteilung von MNC kurz nach der Übermittlung des Vorschlags und den kurzen Zeitrahmen als unkonstruktiv und Teil eines frustrierenden Musters.
Der Vorstand von Vista Outdoor bleibt verpflichtet, den Aktionärswert zu maximieren und wird die Diskussionen mit MNC und anderen Parteien fortsetzen. Das Unternehmen hat Morgan Stanley & Co. als Finanzberater und Cravath, Swaine & Moore LLP als Rechtsberater engagiert. Darüber hinaus haben die unabhängigen Direktoren Moelis & Company als Finanzberater und Gibson, Dunn & Crutcher LLP als Rechtsberater beauftragt.
- Board's commitment to maximizing stockholder value
- Ongoing discussions with MNC and other potential parties
- Engagement of reputable financial and legal advisers for the company and independent directors
- Challenging negotiations with MNC Capital
- Short expiration timeline for MNC's revised proposal
- Potential disruption to the company's strategic plans due to ongoing negotiations
Board Received Proposal from MNC on Friday Evening that Expires on Monday
The Vista Outdoor Board of Directors has been negotiating extensively with MNC. Notwithstanding our good faith efforts, MNC sent the Board a revised proposal last evening after 10:00 PM ET that expires on Monday. The public communication by MNC only hours after delivery of the proposal as well as the Monday expiration continue a frustrating pattern and is not constructive. Vista Outdoor’s Board of Directors remains driven to maximize value for stockholders, will continue discussions with MNC and other parties, and looks forward to updating our stockholders in due course.
Morgan Stanley & Co. LLC is acting as sole financial adviser to Vista Outdoor and Cravath, Swaine & Moore LLP is acting as legal adviser to Vista Outdoor. Moelis & Company LLC is acting as sole financial adviser to the independent directors of Vista Outdoor and Gibson, Dunn & Crutcher LLP is acting as legal adviser to the independent directors of Vista Outdoor.
About Vista Outdoor Inc.
Vista Outdoor (NYSE: VSTO) is the parent company of more than three dozen renowned brands that design, manufacture and market sporting and outdoor products. Brands include Bushnell, CamelBak, Bushnell Golf, Foresight Sports, Fox Racing, Bell Helmets, Camp Chef, Giro, Simms Fishing, QuietKat, Stone Glacier, Federal Ammunition, Remington Ammunition and more. Our reporting segments, Outdoor Products and Sporting Products, provide consumers with a wide range of performance-driven, high-quality and innovative outdoor and sporting products. For news and information, visit our website at www.vistaoutdoor.com.
Forward-Looking Statements
Some of the statements made and information contained in this press release, excluding historical information, are “forward-looking statements,” including those that discuss, among other things: Vista Outdoor Inc.’s (“Vista Outdoor”, “we”, “us” or “our”) plans, objectives, expectations, intentions, strategies, goals, outlook or other non-historical matters; projections with respect to future revenues, income, earnings per share or other financial measures for Vista Outdoor; and the assumptions that underlie these matters. The words “believe,” “expect,” “anticipate,” “intend,” “aim,” “should” and similar expressions are intended to identify such forward-looking statements. To the extent that any such information is forward-looking, it is intended to fit within the safe harbor for forward-looking information provided by the Private Securities Litigation Reform Act of 1995.
Numerous risks, uncertainties and other factors could cause our actual results to differ materially from the expectations described in such forward-looking statements, including the following: risks related to the previously announced transaction among Vista Outdoor, Revelyst, Inc. (“Revelyst”), CSG Elevate II Inc., CSG Elevate III Inc. and CZECHOSLOVAK GROUP a.s. (the “Transaction”), including (i) the failure to receive, on a timely basis or otherwise, the required approval of the Transaction by our stockholders, (ii) the possibility that any or all of the various conditions to the consummation of the Transaction may not be satisfied or waived, including the failure to receive any required regulatory approvals from any applicable governmental entities (or any conditions, limitations or restrictions placed on such approvals), (iii) the possibility that competing offers or acquisition proposals may be made, (iv) the occurrence of any event, change or other circumstance that could give rise to the termination of the merger agreement relating to the Transaction, including in circumstances which would require Vista Outdoor to pay a termination fee, (v) the effect of the announcement or pendency of the Transaction on our ability to attract, motivate or retain key executives and employees, our ability to maintain relationships with our customers, vendors, service providers and others with whom we do business, or our operating results and business generally, (vi) risks related to the Transaction diverting management’s attention from our ongoing business operations and (vii) that the Transaction may not achieve some or all of any anticipated benefits with respect to either business segment and that the Transaction may not be completed in accordance with our expected plans or anticipated timelines, or at all; risks related to the review of strategic alternatives announced on July 30, 2024 (“Review”), including (i) the terms, structure, benefits and costs of any transaction that may result from the Review, (ii) the timing of any such transaction that may result from the Review and whether any such transaction will be consummated at all, (iii) the effect of the announcement of the Review on our ability to attract, motivate or retain key executives and employees, our ability to maintain relationships with our customers, vendors, service providers and others with whom we do business, or our operating results and business generally, (iv) risks related to the Review diverting management’s attention from our ongoing business operations, (v) the costs or expenses resulting from the Review, (vi) any litigation relating to the Review and (vii) the Review may not achieve some or all of any anticipated benefits of the Review; impacts from the COVID-19 pandemic on our operations, the operations of our customers and suppliers and general economic conditions; supplier capacity constraints, production or shipping disruptions or quality or price issues affecting our operating costs; the supply, availability and costs of raw materials and components; increases in commodity, energy, and production costs; seasonality and weather conditions; our ability to complete acquisitions, realize expected benefits from acquisitions and integrate acquired businesses; reductions in or unexpected changes in or our inability to accurately forecast demand for ammunition, accessories, or other outdoor sports and recreation products; disruption in the service or significant increase in the cost of our primary delivery and shipping services for our products and components or a significant disruption at shipping ports; risks associated with diversification into new international and commercial markets, including regulatory compliance; our ability to take advantage of growth opportunities in international and commercial markets; our ability to obtain and maintain licenses to third-party technology; our ability to attract and retain key personnel; disruptions caused by catastrophic events; risks associated with our sales to significant retail customers, including unexpected cancellations, delays, and other changes to purchase orders; our competitive environment; our ability to adapt our products to changes in technology, the marketplace and customer preferences, including our ability to respond to shifting preferences of the end consumer from brick and mortar retail to online retail; our ability to maintain and enhance brand recognition and reputation; our association with the firearms industry; others’ use of social media to disseminate negative commentary about us, our products, and boycotts; the outcome of contingencies, including with respect to litigation and other proceedings relating to intellectual property, product liability, warranty liability, personal injury, and environmental remediation; our ability to comply with extensive federal, state and international laws, rules and regulations; changes in laws, rules and regulations relating to our business, such as federal and state ammunition regulations; risks associated with cybersecurity and other industrial and physical security threats; interest rate risk; changes in the current tariff structures; changes in tax rules or pronouncements; capital market volatility and the availability of financing; foreign currency exchange rates and fluctuations in those rates; general economic and business conditions in
You are cautioned not to place undue reliance on any forward-looking statements we make, which are based only on information currently available to us and speak only as of the date hereof. A more detailed description of risk factors that may affect our operating results can be found in Part 1, Item 1A, Risk Factors, of our Annual Report on Form 10-K for fiscal year 2024, and in the filings we make with the SEC from time to time. We undertake no obligation to update any forward-looking statements, except as otherwise required by law.
No Offer or Solicitation
This communication is neither an offer to sell, nor a solicitation of an offer to buy any securities, the solicitation of any vote, consent or approval in any jurisdiction pursuant to or in connection with the Transaction or otherwise, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in contravention of applicable law. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended, and otherwise in accordance with applicable law.
Additional Information and Where to Find It
These materials may be deemed to be solicitation material in respect of the Transaction. In connection with the Transaction, Revelyst, a subsidiary of Vista Outdoor, filed with the SEC a registration statement on Form S-4 in connection with the proposed issuance of shares of common stock of Revelyst to Vista Outdoor stockholders pursuant to the Transaction, which Form S-4 includes a proxy statement of Vista Outdoor that also constitutes a prospectus of Revelyst (the “proxy statement/prospectus”). INVESTORS AND STOCKHOLDERS ARE URGED TO READ ALL RELEVANT DOCUMENTS FILED WITH THE SEC, INCLUDING OUR PROXY STATEMENT/PROSPECTUS, BECAUSE THEY CONTAIN IMPORTANT INFORMATION ABOUT THE TRANSACTION AND THE PARTIES TO THE TRANSACTION. The registration statement was declared effective by the SEC on March 22, 2024, and we have mailed the definitive proxy statement/prospectus to each of our stockholders entitled to vote at the meeting relating to the approval of the Transaction. Investors and stockholders may obtain the proxy statement/prospectus and any other documents free of charge through the SEC’s website at www.sec.gov. Copies of the documents filed with the SEC by Vista Outdoor are available free of charge on our website at www.vistaoutdoor.com.
Participants in Solicitation
Vista Outdoor, Revelyst, CSG Elevate II Inc., CSG Elevate III Inc. and CZECHOSLOVAK GROUP a.s. and their respective directors, executive officers and certain other members of management and employees, under SEC rules, may be deemed to be “participants” in the solicitation of proxies from our stockholders in respect of the Transaction. Information about our directors and executive officers is set forth in our proxy statement on Schedule 14A for our 2024 Annual Meeting of Stockholders, which was filed with the SEC on July 24, 2024, and subsequent statements of changes in beneficial ownership on file with the SEC. These documents are available free of charge through the SEC’s website at www.sec.gov. Additional information regarding the interests of potential participants in the solicitation of proxies in connection with the Transaction, which may, in some cases, be different than those of our stockholders generally, is also included in the proxy statement/prospectus relating to the Transaction.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240907680894/en/
Investor Contact:
Tyler Lindwall
Phone: 612-704-0147
Email: investor.relations@vistaoutdoor.com
Media Contact:
Eric Smith
Phone: 720-772-0877
Email: media.relations@vistaoutdoor.com
Source: Vista Outdoor Inc.
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