Hildebrand pulls bid for Vista Outdoor ammo unit
JDH, the private equity firm that offered to buy Vista Outdoor's ammunition business last week, has withdrawn that offer, the company said Monday.
Why it matters: Vista now has just one offer for its ammo business, a $1.96 billion agreement signed last year that has yet to receive U.S. government approval.
Catch up quick: In October 2023, Vista signed the agreement with the Czechoslovakia Group.
- One of the rival bidders, MNC Capital, returned early this year with an offer to buy the entire company — the ammo business and the outdoor gear unit, known as Revelyst. Vista has recommended shareholders approve the CSG agreement and has rejected several raised offers by MNC.
- Last week, Vista said it received an offer for its ammo unit, known as the Kinetic Group, for just over $2 billion. Axios later confirmed the bidder was JDH Capital, a private equity firm run by Jeff Hildebrand, a billionaire Texas oilman.
- Axios reported on Friday that JDH was originally part of MNC's initial pursuit of a deal with Vista.
The intrigue: Vista said that JDH pulled out of its Kinetic Group offer due to legal flap with MNC.
What we're watching: With no other bidders for the ammo unit left, Vista is banking on shareholder approval along with a government nod to proceed with the CSG agreement.
Yes, but: MNC continues to pursue a more than $3 billion, all-cash deal for the whole company, worth $39.50 per share.
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