08:21 AM EDT, 04/22/2024 (MT Newswires) -- Vista Outdoor ( VSTO ) said Monday it is engaging in talks with MNC Capital and advised the latter to increase its proposed takeover offer of the company.

MNC Capital offered to acquire Vista on March 25 for $37.50 per share.

The proposed offer by MNC "undervalues" the company and the board does not consider it "superior" to the deal with Czechoslovak Group, Vista Chairman Michael Callahan said. The board nevertheless has authorized management "to provide MNC with non-public information so MNC can increase its offer price," Callahan said.

Vista will adjourn its special meeting of shareholders to June 14 regarding the current proposed merger agreement with Czechoslovak Group, the manufacturer of sporting and outdoor products firm said.

Vista said there is no guarantee that MNC will raise its proposed takeover offer.

Vista's stock was up more than 4% in recent Monday premarket activity.