Exclusive-Vista Outdoor strikes deal to sell itself in two parts for $3.4 billion
) on Friday agreed to sell itself in parts to two separate buyers for a total of $3.35 billion, including debt, after fending off a hostile suitor that pursued the sporting goods and ammunitions maker for months.
CSG has raised its offer for Kinetic by $75 million to $2.2 billion. The company, which had initially also agreed to buy a 7.5% stake in Revelyst for $150 million, will no longer do so. The transaction has been approved by Vista's board of directors. The sale of Revelyst is expected to close by January, subject to regulatory approvals and the completion of the CSG deal.The company's earlier deal with CSG received mixed recommendations from proxy advisory firms. Glass Lewis recommended that Vista shareholders vote in favor of the proposed merger of the ammunition unit with CSG, while Institutional Shareholder Services recommended a vote against that deal.
"With this investment, we plan to put SVP’s full operating resources and network behind Revelyst to help accelerate the success of this market leader,” said David Geenberg, head of SVP’s North America corporate investment team.The bidding war for Vista kicked off earlier this year, with Vista rebuffing multiple offers from MNC and supporting the bid by CSG for Kinetic.
Vista Outdoor's shares, which have risen about 35% from the beginning of the year, closed at $39.84 on Friday, giving the company a market value of about $2.33 billion.
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