Vista Outdoor delays special shareholder meeting on merger vote
Adds details from statement in paragraphs 5-6
June 27 (Reuters) -Vista Outdoor VSTO.N has pushed the special meeting of its stockholders to July 23 from July 2, the sports and outdoor goods company said on Thursday, a day after one of the bidders raised its offer.
The company and its ammunition business have attracted offers from the Czechoslovak Group (CSG) and MNC Capital, amid rising demand for military supplies since the start of the Russia-Ukraine conflict.
Investment firm MNC Capital had raised its bid for the parent of Federal Ammunition to $3.2 billion on Wednesday, just days after the U.S. company agreed to sell its sporting goods and ammunition business to Prague-based CSG.
Vista also confirmed on Thursday it had received MNC Capital's revised offer and would carefully review it.
The company said it had issued a letter to the investment firm requesting certain information, including evidence of committed financing, by July 1 for the board to assess the revised proposal.
Vista said despite public statements, MNC Capital has never delivered evidence of committed financing.
MNC Capital did not immediately respond to a request for comment.
Proxy advisory firm Institutional Shareholder Services (ISS) has recommended that Vista shareholders abstain from voting on the proposed merger during the July 2 meeting, and should hold out for a better deal for the entire company.
Anoka, Minnesota-based Vista said on Thursday it continues to recommend shareholders to vote in favor of its merger agreement with CSG, which on Tuesday received clearance from the Committee on Foreign Investment in the United States (CFIUS)
CSG did not immediately respond to a request for comment.
Reporting by Granth Vanaik in Bengaluru; Editing by Shailesh Kuber, ,Maju Samuel and Sriraj Kalluvila
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