Vista Outdoor (VSTO) shares surged in premarket trading Tuesday after the company said it would undergo a “review of strategic alternatives” to consider its options amid a monthslong bidding war between The Czechoslovak Group (CSG) and private-equity backed offers from MNC Capital.
“We take the views of our stockholders very seriously and believe it is prudent to evaluate all strategic alternatives,” Vista Outdoor Board Chair Mike Callahan said. “In addition to engaging with CSG and MNC and its private equity partner, we also look forward to reviewing any other strategic alternative for Vista Outdoor that would maximize value for stockholders.”
CSG, an international defense company, has made a number of offers to acquire the Kinetic Group, the segment of Vista’s company that includes firearm and ammunition brands like Remington. Last week, CSG upped its offer to $2.15 billion, and Vista’s board has recommended multiple times over the last month that shareholders back it.
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