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Vista Outdoor (NYSE:VSTO) ticked down 2% as Czech gunmaker Colt CZ sold its stake in the company after its bid was rejected.
"Once we saw our bid was topped, we decided there was no further logic to hold the stake," Colt CZ Chief Executive Jan Drahota said on the Czech gunmaker's earnings conference call on Tuesday, according to a Reuters report, adding the last shares were sold this week. "As of today we don't have any more shares."
The comments come after Vista (VSTO) in late November rejected an unsolicited bid from Colt. Colt proposed a business combination that it claimed would value Vista at $30 a share.
Vista Outdoor (VSTO) on Monday confirmed that it had received an unsolicited indication of interest from MNC Capital. According to the company, MNC expressed its interest in acquiring VSTO in an all-cash transaction for $37.50/share. Vista shares rose 3.2% on Monday on the revised bid.
For its part, Vista Outdoor (VSTO) has maintained that a planned breakup of the company would be more valuable for shareholders. The break-up plan would see VSO sell its ammunition business to CSG for $1.9B, although the deal is under review by the Committee on Foreign Investment in the United States.