The sale of one of the biggest US makers of small arms ammunition to a Czech defence group has won the backing of shareholders in the American company’s owner, ending a takeover battle that triggered fierce opposition from Republican politicians including vice-president-elect JD Vance.
Vista Outdoor stockholders on Monday approved Czechoslovak Group’s offer of almost $2.23bn for Kinetic. As part of a two-step break-up deal that valued Vista at $3.35bn, its sports equipment business Revelyst will be taken over in January by investment firm Strategic Value Partners for almost $1.13bn.
Privately owned CSG made an initial offer for Kinetic in October 2023, a few months after Vista decided to spin off the maker of ammunition brands, including Remington. Although the bid was accepted by Vista’s board, the deal sparked a backlash in Washington, with some Republican politicians arguing that foreign ownership of the company would threaten national security.