CLAR - Clarus Enters into Definitive Agreement to Sell Precision Sport Segment | Benzinga
SALT LAKE CITY, Dec. 29, 2023 (GLOBE NEWSWIRE) -- Clarus Corporation (NASDAQ:CLAR) ("Clarus" and/or the "Company"), a global company focused on the outdoor and consumer enthusiast markets, today announced that it has entered into a definitive purchase and sale agreement (the "Agreement") to sell its Precision Sport segment, which is comprised of the Company's Sierra Bullets, L.L.C. and Barnes Bullets – Mona, LLC subsidiaries, to a U.S.-based non-strategic buyer that is not affiliated with the Company or any of its officers or members of its board of directors, in an all-cash transaction for $175 million at closing, subject to a customary working capital adjustment. The transaction is expected to close in the first quarter of 2024, subject to customary closing conditions, including the receipt of regulatory approvals.
The entry into the Agreement is the conclusion of the Company's previously announced process for the review and evaluation of the potential sale of the Precision Sport segment conducted by a special committee of independent directors of the Company (the "Special Committee") created in response to the receipt by the Company of a non-binding indication of interest from Warren B. Kanders, to acquire the Company's Precision Sport segment, through an affiliated entity. Mr. Kanders is the Company's Executive Chairman of the Board of Directors.
"After a comprehensive strategic review process, we are pleased to have agreed on a transaction to sell the Precision Sport segment at an attractive price," said Nicholas Sokolow, lead independent director of the Board and Chairman of the Special Committee. He continued, "After the Company received multiple offers for the sale of the Precision Sport segment, the Special Committee has unanimously concluded after ...