MNC Affirms Commitment to Not Reduce $42 Price, Despite Poor Revelyst Results
2024年7月26日 - 10:15PM
ビジネスワイヤ(英語)
MNC Confirms Willingness to Make $42 a Share
Tender Offer, With Vista's Agreement
MNC Says Vista Misrepresented its Willingness
to Increase Price If Given Reason To
MNC Capital Partners, L.P. (“MNC”) today sent a letter to the
Vista Board that included the following points:
- Vista misrepresented our willingness to increase our offer. MNC
has never said “best and final”. What MNC has been very clear about
is that we do not currently see any reason or basis to increase our
offer. If there were a reason or basis to increase our offer,
including Vista engaging with us and providing one, we would
increase our offer price.
- As to a tender offer, MNC would need Vista’s agreement to not
put in place a “poison pill” preventing our ability to purchase
shares, as well as Vista’s agreement that, if a majority of shares
were tendered, MNC could immediately acquire the remainder of the
shares in a merger under the applicable Delaware statute. If Vista
provided such agreements, we would conduct a tender offer, as we
believe it gives shareholders the direct ability to evaluate and
accept our offer as being in their best interests.
- We will not reduce our $42 per share price, despite the poor
results that Vista recently announced for its Revelyst business
unit. While Vista did not disclose YoY comparisons, the Revelyst
segment EBITDA was down -36% YoY. This stands in stark contrast to
the full year projected growth of +48%. For Revelyst to meet the
midpoint of its annual EBITDA guidance, its performance for the
next nine months must immediately flip direction and generate a
staggering +75% YoY increase vs. last year. Notably, one of Vista’s
public peers—Helen of Troy Limited—announced that they also missed
earnings AND they lowered full year guidance. They cited a “global
outdoor slowdown” and “increasing promotional activity” reducing
margins. For all these reasons, we were very surprised to see Vista
reaffirm guidance for Revelyst.
- We firmly believe it is time for Vista to sign a merger
agreement with us at $42 per share, or to agree to let shareholders
decide whether to accept $42 per share through an unobstructed
tender offer.
Disclaimer
This press release is neither an offer to purchase nor a
solicitation of an offer to sell any securities. Any offers to
purchase or solicitation of offers to sell Vista shares would be
made only pursuant to a tender offer statement, which would be
filed with the Securities and Exchange Commission. While MNC is
willing to make a tender offer, it does not currently have any
plans, and undertakes no obligation, to do so.
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version on businesswire.com: https://www.businesswire.com/news/home/20240726484012/en/
Media Contacts: Michael Landau / Lauren Odell, Gladstone
Place Partners (212) 230-5930