Vista Outdoor Inc. (NYSE:VSTO) shares are trading higher Monday morning. The company announced its Board of Directors has rejected an unsolicited acquisition proposal from MNC Capital.
The revised proposal, received on June 6, 2024, offered an all-cash transaction of $39.50 per Vista Outdoor share. Following a detailed assessment, the Board determined that MNC’s offer was not superior to the existing merger agreement with Czechoslovak Group a.s. (CSG).
After consulting with financial and legal advisors, Vista Outdoor’s Board concluded that MNC’s proposal undervalued the company.
The Board’s letter to MNC highlighted that the offer did not present a better financial outcome for Vista ...