As reported by SGB Media this morning, July 22, Vista Outdoors decided to move its planned voice-vote stockholder meeting back a week to accommodate a revised, higher bid from the Czechoslovak Group a.s. (CSG), via an amended merger agreement that increases its last offer by $50 million to $2.15 billion MNC Capital Partners, L.P.

MNC Capital Partners, L.P. (MNC), the company’s other suitor, stated Monday that it is committing to its previously announced fully financed $42 per share all-cash offer for Vista Outdoor, Inc. as a consolidated entity and that it will not reduce the $42 per share price.

MNC also said it is willing to make a tender offer directly to Vista’s shareholders at $42 a share if Vista approves of MNC making the offer and allows shareholders to decide whether to accept it.

“We want Vista shareholders to know that we are committed to our offer and will not reduce the $42 price,” said MNC Managing Director Mark Gottfredson. “To demonstrate that commitment, we are willing to make a tender offer and hope that Vista would agree to our making the offer so shareholders can decide.”

While Vista’s approval is needed for MNC to make a tender offer, Vista would not be required to recommend that shareholders tender,” MNC suggested in their media release.

Vista Outdoor Inc. took issue with the MNC Capital statement and issued a press release of their own the “set the record straight” on the situation between the two companies.

Vista Outdoor said in their media release that MNC Capital (MNC) misled investors by claiming that it needs Vista Outdoor’s approval in order to make a tender offer.

“We want to set the record straight — MNC is not subject to any restrictions from Vista Outdoor that would require Vista Outdoor to consent to MNC making an unsolicited tender offer,” the company wrote.

For the avoidance of doubt, the company said that the Vista Outdoor Board of Directors has already rejected MNC’s proposal.

“Vista Outdoor does not support MNC’s proposal and firmly believes that the transaction with Czechoslovak Group a.s. (CSG) is superior,” the company said. “Vista Outdoor continues to strongly recommend the CSG transaction, which can close in early August after receipt of Vista Outdoor stockholder approval at the July 30 special meeting.”

Image courtesy Camelbak