10:16 AM EDT, 06/17/2024 (MT Newswires) -- (Updates to add MNC Capital's refusal to comment in the fourth paragraph and the latest stock move in the last paragraph.)

Vista Outdoor ( VSTO ) said Monday that a US investment firm's roughly $2.01 billion alternative acquisition proposal for The Kinetic Group has been withdrawn "due to pressure" from MNC Capital Partners.

The sporting and outdoor products company said that MNC alleged that the alternate party violated prior contractual agreements made during a 2023 joint bid process between MNC and the alternate party. The alternate party disputes these claims, Vista added.

Vista said it reaffirmed its support for the proposed $1.96 billion merger with Czechoslovak Group.

MNC Capital declined to comment to MT Newswires.

Shares of Vista were down 3.3% in recent Monday trading.

Price: 34.74, Change: -1.20, Percent Change: -3.34