Vista Outdoor delays shareholder meet to vote on CSG deal again

(Reuters) -Vista Outdoor has again delayed a special shareholder meeting to vote on Czechoslovak Group’s (CSG) $2.15 billion offer for the firm’s ammunition unit and a stake in its outdoor division.

The meeting, which was scheduled to take place on Sept. 27, has been delayed to Oct. 9, the company said on Tuesday.

The revised date would be the last possible before the deal with CSG terminates on Oct. 15, Vista said.

Vista declined to comment on why the meeting was delayed.

The company had delayed the meeting six times before Tuesday’s move as it fielded multiple offers since October last year, when CSG first bid for the company’s ammunition unit, a month after it decided to separate its two business segments.

Investment firm MNC Capital entered the fray in March with a $2.9 billion offer for the entire company, and raising it to a final offer of more than $3.2 billion, or $43 per share.

Vista’s board has rejected all of MNC’s offers, calling them undervalued.

Earlier this month, Vista said CSG would also buy a 7.5% stake in the sporting gear unit, Revelyst, for $150 million, while revising the deal for the ammunition unit to $2.15 billion.

The board has consistently recommended shareholders to vote in favor of the CSG transaction.