CSG's Fully Financed Bid Provides Vista
Outdoor Shareholders Certainty and Opportunity to Realize Superior
Value
Vista Outdoor Shareholders Can Vote FOR the
CSG Transaction at Special Meeting of Stockholders on July 30, 2024
PRAGUE, July 23,
2024 /PRNewswire/ -- Czechoslovak Group ("CSG"),
a leading global industrial holding company, which recently
increased its offer for Vista Outdoor Inc.'s (NYSE: VSTO) ("Vista
Outdoor") The Kinetic Group to $2.15
billion, today reaffirmed its strong commitment to
successfully completing the acquisition. CSG believes its fully
financed bid maximizes the value that will be received by Vista
Outdoor shareholders, and that the transaction can be completed in
early August.
CSG's offer has been approved by U.S. regulators, including the
multi-agency Committee on Foreign Investment in the United States ("CFIUS"). Further, leading
proxy advisory firm Glass Lewis & Co. ("Glass Lewis") has
issued an updated analysis recommending that Vista Outdoor
shareholders vote "FOR" the CSG acquisition at the Vista Outdoor
special meeting of stockholders, scheduled for July 30, 2024. In its report, Glass Lewis notes
that the transaction is the "best option to maximize shareholder
value," for Vista shareholders.1 This recommendation was
published prior to CSG's increased offer to $2.15 billion, which has further enhanced the
value that would be delivered to shareholders.
Additionally, after successful completion of the transaction,
CSG intends to invest in the growth of the newly acquired
businesses within The Kinetic Group and increase American jobs as
part of its broader growth strategy.
"CSG's acquisition of The Kinetic Group is the optimal outcome
for Vista Outdoor shareholders, employees of the company and the
American economy," said Michal
Strnad, Chief Executive Officer and the owner of CSG. "CSG
is a highly experienced and globally respected industrial company
and upon successful completion of the acquisition, we intend to
fully integrate The Kinetic Group, build those businesses, serve
all of the company's customers with the highest level of
professionalism and trust, and add jobs in the United States," added Mr. Strnad.
Mr. Strnad added, "Once shareholder approval is secured, we
stand ready to quickly close the transaction and begin to chart the
future of the The Kinetic Group as part of CSG."
The acquisition by CSG will not be its first in the United States. In 2022, CSG acquired
Fiocchi Group, a manufacturer of small-caliber ammunition, which
has two production sites in the U.S. As a result, it has become an
American manufacturer in a strategic field and has successfully
built its businesses in the U.S.
About CSG
The global industrial and technological
group CSG, owned by Czech entrepreneur Michal Strnad, has key production facilities in
the Czech Republic, Slovakia, Spain, Italy,
India, the UK, and the U.S. and
exports its products worldwide. CSG is continuously investing into
the development of its companies while expanding in its core
business areas. The Group includes, for example, the Czech truck
manufacturer Tatra Trucks, the
world's leading manufacturer of small caliber ammunition Fiocchi,
and the Czech radar manufacturer Eldis. More than 10,000 employees
work in the companies included in the CSG group and in their
associated companies. In 2023, the Group's consolidated sales
reached USD 1.73 billion. CSG's main
fields of activity are the engineering, automotive, rail,
aerospace, and defense industries and small caliber ammunition
production. CSG's products can be found on all continents thanks to
its strong export orientation.
CSG´s companies in Europe are
major suppliers of tanks, artillery systems and high caliber
ammunition for Ukraine which is
co-financed also by the U.S. and other NATO member states.
1 Permission to use quotes was neither sought nor
obtained.
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SOURCE CSG Czechoslovak Group