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Vista Outdoor Board Announces Review of Strategic Alternatives

Vista Outdoor Board Announces Review of Strategic Alternatives

Company Adjourns Special Meeting for CSG Transaction to September 13, 2024

ANOKA, Minn.– Vista Outdoor Inc. (“Vista Outdoor” or “the Company”) (NYSE: VSTO) today announced that its Board of Directors (the “Board”) has commenced a review of strategic alternatives, which includes:

• Exploration of a full range of alternatives for Revelyst, including a potential sale of Revelyst. The Czechoslovak Group a.s. (“CSG”) is also considering an acquisition of Revelyst with potential partners (in addition to its proposed acquisition of The Kinetic Group).

• Engagement with MNC Capital (“MNC”) and its private equity partner with respect to its proposal to acquire Vista Outdoor to see if it can deliver superior value for the Company’s stockholders. This follows MNC’s recent public statement on July 26, 2024 that “if there were a reason or basis to increase our offer, including Vista engaging with us and providing one, we would increase our offer price”. In light of this recent statement, the Board has determined that MNC’s proposal would reasonably be expected to lead to a superior proposal and meets the standard for engagement under the terms of the CSG merger agreement. Considering the extensive diligence conducted by MNC and its private equity partner to date, Vista Outdoor expects MNC to be able to confirm an increased proposal for the acquisition of Vista Outdoor in short order.

• Continued consideration of the separation of Revelyst and The Kinetic Group through a spin-off.

The Board remains committed to acting in the best interests of the Company and its stockholders.

“We recognize the continuing support received from many of our stockholders for the CSG transaction and the feedback from some of our stockholders with respect to other strategic alternatives,” said Mike Callahan, Chairman of the Board of Directors. “We take the views of our stockholders very seriously and believe it is prudent to evaluate all strategic alternatives. In addition to engaging with CSG and MNC and its private equity partner, we also look forward to reviewing any other strategic alternative for Vista Outdoor that would maximize value for stockholders. While we conduct this strategic review, we remain as focused as ever on delivering high-quality, innovative products for our consumers around the world.”

In light of this announcement, Vista Outdoor will adjourn the special meeting of stockholders (the “Special Meeting”) scheduled to be held at 9:00 am (Central Time) on July 30, 2024, to 9:00 am (Central Time) on September 13, 2024. The Board continues to recommend Vista Outdoor stockholders vote in favor of the proposal to adopt the merger agreement with CSG at the Special Meeting.

Morgan Stanley & Co. LLC is acting as sole financial adviser to Vista Outdoor and Cravath, Swaine & Moore LLP is acting as legal adviser to Vista Outdoor. Moelis & Company LLC is acting as sole financial adviser to the independent directors of Vista Outdoor and Gibson, Dunn & Crutcher LLP is acting as legal adviser to the independent directors of Vista Outdoor.

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