Sends Letter to Vista Board of Directors Outlining Why Tax-Free Spin-Off or Cash Offer for the Entire Company Are Superior to the Proposed Sale of The Kinetic Group
NEW YORK, July 17, 2024 /PRNewswire/ -- Gates Capital Management, Inc. ("Gates Capital Management" or "we"), an event-driven alternative asset manager that beneficially owns 5,589,041 shares, or approximately 9.6%, of Vista Outdoor, Inc. ("Vista" or the "Company") (NYSE:VSTO), today sent a letter to the Vista Board of Directors (the "Board") regarding its intention to vote AGAINST the pending sale of The Kinetic Group to Czechoslovak Group a.s. ("CSG").
July 17, 2024
Vista Outdoor Inc.
Attn: Board of Directors
1 Vista Way
Anoka, Minnesota 55303
Dear Members of the Board,
Gates Capital Management is one of the largest shareholders of Vista, beneficially owning 5,589,041 shares, or approximately 9.6%, of the Company. We are writing to the Board to express our concerns regarding the pending sale of The Kinetic Group to CSG.
We strongly oppose the sale at the proposed price of $2.1 billion and believe that Vista shareholders deserve a higher price that accurately reflects The Kinetic Group's financial strength ...