08:47 AM EDT, 09/24/2024 (MT Newswires) -- Vista Outdoor ( VSTO ) shareholder Gates Capital Management encouraged the company Tuesday to pursue an all-cash offer for its sale as it reiterated its intent to vote against the sale of Kinetic to the Czechoslovak Group.

Gates Capital, which owns 5.6 million shares or 9.6% of Vista Outdoor ( VSTO ), said it supports the recommendation of independent proxy advisory firm Institutional Shareholder Services to sell both Kinetic and Revelyst in a revised all-cash transaction.

"We strongly believe that the currently proposed transaction with Czechoslovak Group to sell only The Kinetic Group is not in the best interest of shareholders," Gates Capital said.

Vista did not immediately reply to MT Newswires' request for comment.