08:27 AM EDT, 07/11/2024 (MT Newswires) -- Vista Outdoor ( VSTO ) said Thursday its board continues to unanimously recommend that shareholders vote in favor of the $2.1 billion sale of its Kinetic Group division to Czechoslovak Group at the July 23 special meeting of stockholders.

Private equity firm MNC Capital said Wednesday that it continues to be committed to its $42 per share all-cash offer for Vista Outdoor ( VSTO ).

In response, Vista said that MNC's funding sources have regularly shifted and its latest financing has new debt and equity partners. For this reason, there can be "no assurance" that MNC will finally come through with the required financing, Vista said.

Vista said that shareholders "should ask themselves: Why would Vista Outdoor ( VSTO ) engage with MNC on its $42.00 per share offer that we believe fundamentally undervalues Revelyst, has no chance of increasing further, and is not in the best interest of stockholders?"

Additionally, the company said that opinions provided by proxy advisory firm Institutional Shareholders Services regarding Vista's proposed transaction rely on "inaccurate claims made by MNC."

Neither MNC nor the ISS immediately responded to MT Newswires' requests for comment.