GATES CAPITAL MANAGEMENT INTENDS TO VOTE AGAINST THE CURRENT CSG PROPOSAL

Core Viewpoint - Gates Capital Management encourages Vista Outdoor to negotiate an all-cash transaction for the entire company, opposing the proposed sale of The Kinetic Group to CSG due to execution risks and the reduced scale of Revelyst [1][2][3] Group 1: Proposal Details - A private equity firm has offered $1.1 billion in cash for Revelyst, but the transaction must occur soon as the firm will not be interested post-CSG transaction [2] - The current CSG proposal is viewed as unfavorable for Vista shareholders, as it limits the potential sale of Revelyst and does not maximize cash returns [2][3] Group 2: Shareholder Recommendations - Institutional Shareholder Services (ISS) recommended that shareholders vote against the CSG proposal, aligning with Gates Capital's stance that a comprehensive sale is in the best interest of shareholders [1][3] - Gates Capital Management holds approximately 9.6% of Vista's common stock, indicating significant shareholder interest in the outcome of the negotiations [1]