Vista Outdoor Postpones Shareholder Meeting to Revote on CSG Deal, According to Reuters

Vista Outdoor has once again postponed a special shareholder meeting originally set for September 27, which is meant to vote on Czechoslovak Group’s $2.15 billion proposal for the company’s ammunition division and a stake in its outdoor segment. The meeting is now rescheduled for October 9, the last possible date before the agreement with CSG expires on October 15.

The company has not provided a reason for this delay. Prior to this latest announcement, the meeting had already been postponed six times as Vista evaluated multiple offers since October of last year, when CSG made its initial bid following the company’s decision to separate its two business areas.

In March, investment firm MNC Capital entered the competitive landscape with a $2.9 billion offer for the entire company, eventually raising its bid to more than $3.2 billion, or $43 per share. However, Vista’s board has deemed all of MNC’s proposals as undervalued.

Earlier this month, Vista disclosed that CSG would acquire a 7.5% stake in its sporting gear unit, Revelyst, for $150 million, while modifying the ammunition unit deal to the agreed $2.15 billion. Throughout this process, the board has consistently advised shareholders to support the CSG transaction.