Business
US stocks start week with record highs finishes
Vista Outdoor said it received an all-cash $2bn takeover offer for its ammunition business, which owns the Remington brand, from an unnamed private investment firm in the US, potentially setting up a multiway contest to acquire the unit.
Vista on Monday said it fielded an indication of interest for its Kinetic unit from the “alternative party” on June 7, and separately said it had rejected an improved proposal last week from investment group MNC Capital Partners to acquire the entire company for more than $3bn.
MNC sought to beat out Czechoslovak Group, which is already in talks to buy Vista’s Kinetic business for $1.96bn. Vista plans to list its outdoor products business, which includes bicycle helmet brand Giro and CamelBak water bottles, as a standalone company.
Vista said company directors continued to recommend the deal from CSG, but also did not state whether it would accept the proposal from the “alternative party”.