(Reuters) – Investment firm MNC Capital said on Saturday that it has increased its all cash buyout offer for Vista Outdoor to $43 per share from $42.

The offer values Vista at $2.51 billion, and represents a 12.30% premium over Vista’s last closing price of $38.29 on Friday, according to Reuters calculation and LSEG data.

The U.S. firm said it had sent a letter to Vista on Friday stating, “MNC is now prepared to offer an increased all-cash purchase price of $43.00 per share for Vista, despite substantial market headwinds for consumer spending and softness in Vista’s recent quarterly results.”

Vista previously rejected the investment firm’s buyout offer of $3.2 billion stating that it undervalued the company.

The latest development adds to the months-long saga for the parent of Federal Ammunition and Remington Ammunition against the backdrop of rising demand for military supplies since the escalation of the Russia-Ukraine conflict in 2022.

(Reporting by Gursimran Kaur in Bengaluru and Abigail Summerville in New York; editing by Diane Craft and Franklin Paul)