MNC Capital Partners, L.P. cancelled the acquisition of Vista Outdoor Inc..
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. FTI Consulting, Marsh, Mercer Capital, B. Riley Securities and Stephens Inc. acted as financial advisors and Kirkland & Ellis LLP as legal advisor for MNC.
MNC Capital Partners, L.P. cancelled the acquisition of Vista Outdoor Inc. (NYSE:VSTO) on March 4, 2024. After a thorough evaluation of the merits and risks of the MNC Indication, the Board has determined that the MNC Indication would not be more favorable to Vista stockholders from a financial point of view than the transactions contemplated by the CSG Merger Agreement, is not reasonably capable of being completed and does not constitute a basis for engagement with MNC. The Board has therefore rejected the MNC Indication. The consideration of $35.00 in cash per Vista share in the MNC Indication significantly undervalues Vista.