MNC bumps Vista bid again as ammo merger battle continues

Zoom in: MNC, run by a former Vista board director, nudged its takeover price up $1 per share to $43 per share. Including debt, the offer for the entire company — which includes an ammunition business and an outdoor sporting product business — is more than $3.2 billion.

Yes, but: Vista Outdoor has an offer for just its ammo business from the Czechoslovak Group (CSG) that the company has previously preferred over the MNC bid. In July, Vista halted its shareholder vote on the CSG deal when it realized that not enough investors were going to back it.

• The company adjourned the vote and said it would explore a range of options.

The intrigue: Vista acknowledged MNC's latest offer with a press release on Saturday, taking issue with the timing of the latest bid, which is due on Monday.

• "The public communication by MNC only hours after delivery of the proposal as well as the Monday expiration continue a frustrating pattern and is not constructive," the company said in a statement.

What we're watching: Vista's stock is trading around $38, boosted by the bid tension in an otherwise sagging sector and broader market.

• The board will pretty soon have to contend with shareholders fed up with the delay on a next-step decision, while they have a $3.2 billion bird in their hand and other options twittering in the bush.

Editor's note: This story has been corrected to note that bids are due by 11:59pm Monday (not 10pm).