Clarus Corporation confirmed receipt of a non-binding indication of interest from Warren B. Kanders, the company’s executive chairman of the Board of Directors, to acquire its Precision Sports segment, comprised of the company’s Sierra Bullets, LLC and Barnes Bullets-Mona, LLC subsidiaries, through an affiliated entity, for approximately $160 million on a cash-free, debt-free basis.
The Buyer’s Proposal outlines the terms. In response, Clarus’s Board formed a special committee of independent directors to review and evaluate the Proposal and any alternative proposals that could be available to the company, including the possibility of rejecting the Buyer’s Proposal and/or alternative proposals. The special committee is empowered, among other things, to retain financial advisors and counsel to assist in its directive from the Board.
In other news, Keith Enlow, president of the company’s Precision Sports segment, advised Clarus Corp. that he will resign his position effective September 29 to pursue other opportunities. Michael J. Yates, the company’s CFO, will serve as interim president of the Precision Sports segment until a successor is hired and formally appointed.
The company said there could be no assurance that a definitive agreement would result from the Buyer’s Proposal or that one would be consummated with the Buyer or any third party.
The company and the Special Committee do not intend to comment further about the Buyer’s Proposal unless, and until they deem, further disclosure is appropriate.
Photo courtesy Sierra Bullets
