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Clarus Confirms Receipt of Non-Binding Indication of Interest Regarding Precision Sport Segment
SALT LAKE CITY, Sept. 19, 2023 (GLOBE NEWSWIRE) -- Clarus Corporation (NASDAQ: CLAR) (“Clarus” and/or the “Company”), a global company focused on the outdoor
About this update from Clarus Corporation
[{"type":"text","content":"SALT LAKE CITY, Sept. 19, 2023 (GLOBE NEWSWIRE) -- Clarus Corporation (NASDAQ: CLAR) (“Clarus” and/or the “Company”), a global company focused on the outdoor and consumer enthusiast markets, today confirmed the receipt of a non-binding indication of interest from Warren B. Kanders to acquire the Company’s Precision Sport segment, which is comprised of the Company’s Sierra Bullets, L.L.C. and Barnes Bullets – Mona, LLC subsidiaries, through an affiliated entity (the “Buyer”), for approximately $160 million on a cash-free, debt-free basis (the “Buyer’s Proposal”), the terms of which are more fully set forth in the complete text of the Buyer’s Proposal, included as Exhibit 1 to Mr. Kanders’ statement of beneficial ownership on Schedule 13D/A as publicly filed on September 18, 2023 with the U.S. Securities and Exchange Commission. Mr. Kanders is the Company’s Executive Chairman of the Board of Directors (the “Board”). In response to the Buyer’s Proposal, the Board formed a special committee of the Board comprised of independent directors (the “Special Committee”) to review and evaluate the Buyer’s Proposal and any alternative proposals that may be available to the Company, including the possibility of rejecting the Buyer’s Proposal and/or any alternative proposals. The Special Committee has been empowered, among other things, to retain financial advisors and counsel to assist it in its directive from the Board. Separately, Keith Enlow, President of the Company’s Precision Sport segment, has advised the Company that he will resign his position effective September 29, 2023 in order to pursue other opportunities. Michael J. Yates, the Company’s Chief Financial Officer, will serve as interim President of the Company’s Precision Sport segment until a successor is hired and formally appointed. There can be no assurance that any definitive agreement will result from the Buyer’s Proposal or that any transaction will be consummated with the Buyer or any other third party. The Company and the Special Committee do not intend to comment further about the Buyer’s Proposal unless and until they deem further disclosure is appropriate. About Clarus Corporation Headquartered in Salt Lake City, Utah, Clarus Corporation is a global leading designer, developer, manufacturer and distributor of best-in-class outdoor equipment and lifestyle products focus...