July 22 (Reuters) - Vista Outdoor ( VSTO ) said on

Monday Czechoslovak Group had raised the base purchase price for

the acquisition of its ammunition business, Kinetic Group, by

$50 million to $2.15 billion.

The Prague-based defense firm also raised the cash

consideration payable to Vista's shareholders by $3 per share.

On closing of the deal, Vista stockholders would receive $24 per

share in cash and one share of Revelyst, its performance gear

business, common stock.

Vista had decided to split its performance gear and

ammunition units into two separate companies in 2022.

CSG's latest bid comes after its proposed acquisition of

Kinetic Group faced opposition from proxy advisory group

Institutional Shareholder Services and shareholder Gates Capital

Management.

This is the fourth time that CSG has raised its bid for

Kinetic Group, which houses brands such as Federal Ammunition,

since its initial offer of $1.91 billion made in October last

year.

Earlier this month, Vista had rejected a final buyout offer

of $3.2 billion for the entire company from investment firm MNC

Capital on grounds that the bid undervalued Revelyst.

ISS had recommended Vista's shareholders to vote against the

proposed CSG deal and said MNC's offer was a "better

alternative".

MNC Capital did not immediately respond to a Reuters request

for comment.

Shares of Vista reversed course to rise about 1% in

premarket trading.

Vista adjourned its virtual special shareholder meeting to

July 30 from July 23 and said it expects the deal with CSG to

close in early August.

The company also reported preliminary first-quarter results

for both units and reiterated its sales forecast for the fiscal

2025 in the range of $2.67 billion to $2.78 billion.

It expects Revelyst to pursue a new 12-month $50 million

share buyback program after the closing of the CSG deal.

Vista is set to report its first-quarter results after

markets close on Aug. 5.