Fox parent Vista Outdoor Inc. has made an about-face after striking down earlier overtures by MNC Capital to buy the business as it now seeks a higher offer from the investment firm.

Vista said Monday it’s in discussions with the Dallas-based investor as it aims to secure a higher offer price for the company beyond the all-cash $3 billion proposal submitted in March. The offer, which the board rejected that same month, equated to $37.50 per share and reflected a bump from a $35-per-share proposal made in February.

The most recent bid offers a 9.2% premium over where Vista’s stock is currently trading.

“The Vista Outdoor board does not consider MNC’s revised proposal to be superior to the transaction with CSG (Czechoslovak Group) and continues to believe MNC’s proposed offer price undervalues the Revelyst business,” Vista Board Chair Michael Callahan said in a statement Monday. “That said, the board has determined MNC’s revised proposal meets the standard under the merger agreement with CSG permitting engagement with MNC.”

Vista currently has a $1.91 billion deal in place with the Czechoslovak Group to acquire the Sporting Products division, which was named The Kinetic Group. The division includes brands such as Federal Ammunition and Remington Ammunition.

Positioning Outdoor for Growth

MNC’s proposal aims to keep Vista’s outdoor and sporting goods businesses under a single owner.

The current plan for the Outdoor Products division, which is now called Revelyst, is to go public. The division includes Fox, Bell, Giro, CamelBak, Camp Chef, Bushnell, and Simms Fishing.

MNC Capital’s Mark Gottfredson said in a letter to the board in late February his firm’s offer values Revelyst higher than what the public markets would offer the outdoor business if it were to issue an IPO. Revelyst, Gottfredson wrote, “lacks the scale to trade well as a standalone public company and will be better positioned to grow with private sponsorship.”

“We strongly believe in the future of Revelyst and that its trajectory and development can be accelerated outside of public market constraints,” Gottfredson went on to write to the Vista board.

In preparation for the spinoff to the public market, Revelyst has been consolidating its offices, leading to office closures and layoffs.

Fox’s Irvine headquarters now serve as the home of the Adventure Sports division, which is headed up by Jeff McGuane.

Fox, CamelBak, Bell, Giro, QuietKat Electric Bikes. and Blackburn, among other brands, now call the Irvine, Calif. office their home.