Vista Outdoor has received a $35 per share offer in cash from investment firm MNC Capital, for a valuation of $2.9 billion including debt, according to a letter to the company’s board that was seen by the Wall Street Journal.

The ratings agency cut Wolverine’s issuer credit rating to B from B+ due to its weaker-than-expected 2023 results, and maintained a negative outlook on the Merrell and Saucony parent.

The licensed apparel juggernaut is trimming more than one hundred jobs, less than 1% of its total workforce, aimed at restructuring its commerce business.