UPDATE 1-Vista Outdoor gets $2.9 billion takeover offer, WSJ reports
In this article:
(Adds background from the report and shares)
March 1 (Reuters) - Sporting and outdoor products group Vista Outdoor received a $2.9 billion takeover offer, including debt from investment firm MNC Capital, the Wall Street Journal reported on Friday.
Shares of the company were up 9% at $34.02 in premarket trading.
The investment firm has proposed to buy Vista for $35 per share in cash, according to a letter seen by the Wall Street Journal.
Late last year, Vista rejected a cash-and-stock offer from Czech gunmaker Colt CZ Group saying it undervalued the company and was not better for shareholders than a rival bid. Colt's offer valued the company at a 16% premium. (Reporting by Ananya Mariam Rajesh in Bengaluru; Editing by Anil D'Silva)
