Aleksandra Zhilenkova
MNC Capital announced on Wednesday that it continues to be committed to acquire Vista Outdoor (NYSE:VSTO) at $42 per share. The firm said its offer is still open for the Vista Outdoor (VSTO) board to accept.
Since delivering executed financing commitments and a merger agreement on July 1st, MNC Capital received no further inquiry, communication, or engagement from Vista Outdoor (VSTO) before the public rejection of its offer two days ago.
MNC committed to not lowering its $42 offer price, while affirming that it has absolutely no intention to further increase its offer price and cannot see any possible reason or basis for doing so.
MNC Capital highlighted that its offer is $700 million above the market value of Vista Outdoor (VSTO) the day before the initial proposal.
“MNC questions whether the Vista Board is acting in good faith, and why Vista requested financing commitments and a merger agreement if it had not been prepared to accept MNC’s $42 per share proposal.”
“Every time Vista has taken actions other than accepting our proposal, the company’s share price has gone down, which has happened again over the past two trading days.”
Shares of Vista Outdoor (VSTO) were up 2.25% in premarket trading on Wednesday to $37.95.