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Vista Outdoor

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business2 years ago•1 min saved

"MNC Capital Raises Acquisition Offer to $3 Billion for Vista Outdoor, Prompting Stock Surge"

Investment firm MNC Capital has increased its bid for Vista Outdoor, the owner of Remington ammunition, to $3 billion, raising concerns about national security due to a rival bidder, Czechoslovak Group. MNC's offer of $37.50 per share is 16% higher than Vista's stock closing price, and it has lined up financing for the offer. Vista rejected MNC's previous offer, preferring a planned breakup, but MNC argues that its new offer assigns more value to the nonfirearm division, Revelyst. The Czechoslovak Group's bid is under review by the Committee on Foreign Investment in the United States, while MNC, as an American firm, is not subject to such a review.

via The New York Times|

#ammunition #business #mnc-capital

stock-market2 years ago•1 min saved

Market Movers: Nvidia and Apple Drop, Walmart and iRobot Rise

Nvidia's stock fell after informing Chinese customers of a delay in launching its new AI chip, while Walmart's stock rose as the retailer added parcel stations to its stores for quick deliveries during the shopping season. Apple's stock declined after a research firm projected a decline in unit sales during China's Singles Day event. Novo Nordisk's stock rose as the drug maker agreed to invest over $2 billion in a plant in France. General Motors' stock rose as its robotaxi unit Cruise planned to relaunch in one city. Vista Outdoor's stock rose after receiving a $1.7 billion offer from Czech gunmaker Colt CZ Group.

via Investing.com|

#apple #irobot #nvidia

business2 years ago•1 min saved

Vista Outdoor Sells Sporting Products Unit for $1.91B, Cuts Sales Forecast

Vista Outdoor plans to sell its sporting products business, including its guns and ammunition unit, in a $1.91 billion deal with Czechoslovak Group. However, the company's shares dropped by 20% after it lowered its full-year sales forecast, citing tight consumer spending and pricing pressures. Vista Outdoor now expects revenue for fiscal 2024 to range between $2.73 billion and $2.86 billion, down from its previous forecast of $2.85 billion to $2.95 billion. The deal with Czechoslovak Group is expected to close next year, and the separation of Vista Outdoor's sporting and outdoor goods units will be formalized at that time.

via Reuters|

#business #deal #revenue-cut