Another day, another new twist in the ongoing bidding war for Vista Outdoor Inc.
The Czechoslovak Group (CSG) is adding a stake in Vista’s outdoor products business on top of its $2.15 billion offer to buy the Anoka-based ammunitions business.
CSG has added to its deal an investment of $150 million for a 7.5% stake in Revelyst, which includes the Camelbak, Bushnell, Camp Chef and Bell brands. The deal values Revelyst at $2 billion, according to Vista.
Under Vista’s current plans, Revelyst is set to be spun off into a separate publicly traded company.
The Kinetic Group ammunition business — which includes the Federal, Remington and Speer brands — would become a subsidiary of the private, Prague-based CSG under the deal.
Vista’s plans to separate its outdoors and ammunition businesses has created a bidding war over the past year. CSG most recently upped its offer in July for the ammunitions business.
Last week, MNC Capital, a domestic investor, raised its offer for both the Kinetic Group and Revelyst to $3.2 billion. But it also stated it would withdraw the offer if a merger agreement were not signed by this past Monday. No agreement was signed.
Vista’s Friday statement, however, said: “We will continue to constructively engage with MNC and urge MNC to deliver its best and final proposal as soon as possible.”
