MNC Capital lifts takeover bid for Vista Outdoor to $3.2bn

(Sharecast News) - MNC Capital Partners said on Wednesday that it has upped its all-cash takeover offer for Vista Outdoor to $42 per share, or $3.2bn, from $39.50 earlier in the month. The revised proposal represents a 40% premium to the closing share price prior to MNC's initial offer of $35 a share in February and a 25% premium to the closing price on Tuesday.

MNC noted that when it made the initial bid, Vista's shares were trading below $30, while on Tuesday, they closed at $33.78. It said the shares "would have closed significantly lower without the expectation that MNC would be continuing to pursue the acquisition of Vista".

"MNC expects that the Vista board will move forward expeditiously to sign a merger agreement on the terms proposed," it said. "MNC believes a definitive agreement can be executed in a matter of days."

At 1300 BST, Vista shares were up 8.5% in pre-market trade at $36.65.