The largest ammunition company in the U.S., which owns a plant in Lewiston, is in a multi-billion dollars bidding war.
Minnesota-based firm Vista Outdoors owns multiple ammunition plants across the country such as Federal, Remington and CCI/Speer, located in Lewiston.
The company was set to consider a $1.96 billion offer by the Czech company Czechoslovak Group, or CSG, through a stakeholder vote this Friday. But on Monday, it postponed the meeting until July and announced it had received a higher offer of $2.08 billion dollars from an unnamed U.S.-based private investment firm.
In May, Vista declined another offer from a Dallas-based Capital firm to buy the company for $39.50 a share.
In a press release sent out Monday, Vista Outdoor said it expected the potential merger with CSG would be cleared by the Committee on Foreign Investment in the United States, a necessary step in the acquisition of a company by a foreign firm.
The release also stated the postponed vote would allow Vista to engage with the unnamed company, offering a higher bid.
“As always, the Vista Outdoor Board is committed to maximizing value for stockholders,” it said.
If Vista turns down the offer from the Czech group, it will have to pay a $47.75 million “break fee” to the European firm.
As of 2016, Idaho Commerce confirmed CCI/Speer employed 1400 people and was planning to hire 137 more. In a press release announcing the company’s expansion at the time, Nez Perce County Commissioner Bob Tippett said the gun and ammo manufacturer was a critical part of the local economy.
“This sector represents nearly one out of every five jobs in the County,” he said.
CCI/Speer could not be reached for updated information on the size of the company today.
