Are Vista Outdoor shareholders ever going to vote on the ammunition group acquisition?

Last time, it was a last-ditch offer from MNC Capital for all of Vista Outdoor. This time it’s an offer from an MNC-affiliated group to buy the outdoor products group.

The result is the same: the postponement of another special shareholders meeting to vote on a proposal to sell Vista’s ammunition brands, including Federal, to the Czechoslovak Group (CSG).

The company has postponed the meeting seven times. Now, it’s set for Oct. 9.

The board of Anoka-based Vista is still recommending that shareholders approve of its plan to sell the Kinetic Group ammunition brands to the Czech Republic-based CSG. But it says it needs more time to evaluate a recent proposal to sell its outdoor products company, Revelyst Inc., to a private equity partner of MNC Capital.

Under the original plan, Revelyst — which includes outdoor brands such as Camelbak, Bell and Bushnell — would be spun off into a new public company.

The CSG deal has a deadline of Oct. 15, after which either side can terminate it. If it is terminated, Vista would owe CSG $47.75 million.

From the start, there has been a bidding war around Vista. MNC Capital, headed by a former board member, wanted to acquire the whole company for $3.2 billion.

The Vista board from the start has supported its deal with CSG for the ammunition brands. Over the months, CSG has sweetened its deal several times, and the latest offer is for $2.15 billion. It also would invest $150 million in the Revelyst business.

“We are committed to executing our fully financed transaction with Vista Outdoor, which we believe maximizes value for Vista Outdoor stockholders,” said Michal Strnad, chief executive and owner of CSG, in a news release.

But a private equity partner of MNC Capital approached Vista Outdoor on Sept. 15 and said it would be willing to acquire Revelyst separately from MNC Capital. A few days later, it bid $1.1 billion to acquire the outdoor product group if the deal is conducted at the same time as the sale of the Kinetic Group to CSG. The deal is off the table, it said, if Vista spins Revelyst off into an independent company.

Vista Outdoor said Tuesday it is in “active discussions” with the private equity partner separate from MNC Capital regarding the Revelyst proposal. CSG has also been involved with those discussions but expressed some concerns about the last-minute proposal.

“We remain open-minded and are working in good faith with the private equity firm and Vista Outdoor to see if a mutually beneficial outcome can be achieved,” Strnad said in the release. “While we will continue to engage with the private equity firm, there remain notable challenges that need to be overcome.”