HomeGrill ManufacturersCamp Chef Parent Wants More Money From MNC Capital for Acquisition

Camp Chef Parent Wants More Money From MNC Capital for Acquisition

Unlike MNC Capital’s first unsolicited acquisition offer for Vista Outdoor that was quickly dismissed, their updated offer has received more consideration. Some time has passed and the Camp Chef parent company responded today saying that they want more money.

The Vista Outdoor Board does not consider MNC’s revised proposal to be superior to the transaction with CSG and continues to believe MNC’s proposed offer price undervalues the Revelyst business. That said, the Board has determined MNC’s revised proposal meets the standard under the merger agreement with CSG permitting engagement with MNC. Accordingly, the Board has authorized Vista management to provide MNC with non-public information so MNC can increase its offer price. The Board remains committed to acting in the best interest of Vista Outdoor and its stockholders

Michael Callahan, Chairman of the Vista Outdoor Board of Directors

The Revelyst business is their Outdoor Products business where Camp Chef sits. Unless all of Vista Outdoor is sold to MNC Capital, it would remain a public company after Vista sells off their Sporting Products division.

To allow the discussions to progress with MNC Capital in parallel with the CSG transaction, the shareholder meeting to vote on the Sporting Products sale has been pushed back. It was originally scheduled for mid-May and now it will occur on June 14th.

As a backdrop to Vista’s choice between MNC Capital and CSG is some controversy that has been increasing as of late. There has been some government pushback to selling the Sporting Products (consists of ammo brands) division to a foreign entity.

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