Vista Outdoor Hit With Investor Suit on Ammo Segment Bidding War

Vista Outdoor Inc., the subject of a bidding war over its ammunition segment, may have tilted the scales toward a $2.15 billion deal with Czechoslovak Group AS that favors insiders, a lawsuit filed Tuesday says.

A shareholder sued Vista over concerns that the sale—and the decision to spurn an approach by MNC Capital Partners LP—represents an effort by corporate leaders “to protect their professional reputations,” regardless of the transaction’s merits. Institutional Shareholder Services Inc. and several major investors have allegedly urged the company to engage more closely with MNC, a buyout firm run by a former Vista board ...