One of the largest ammunition makers in the country has formally rejected a week-old unsolicited offer from a big-name international gunmaker. 

Vista Outdoor, whose well-known ammo brands include CCI, Federal, Hevi, Remington, and Speer, announced on Wednesday that it had turned down a proposed cash and stock offer from Colt CZ that would value each share of Vista's common stock at $30 per share, a figure that Vista officials said "significantly undervalues" the company. 

Vista, which trades on the NYSE under VSTO, closed at $27.89 per share on Nov. 29. It has some 58 million shares outstanding according to NASDAQ, which, at the proposed $30 offer from CZ Colt, would translate to a rough valuation of about $1.74 billion. 

In mid-October, Minnesota-based Vista agreed to sell its ammo lines in a $1.91 billion deal to the Czechoslovak Group, a Prague-based holding company that owns a number of Czech military armament firms as well as a majority stake in Fiocchi ammunition. It would then fold its other non-ammo brands including Fox, Bell, CamelBak, Bushnell, Hoppe's, Tasco, Uncle Mikes, Gun Mate, Simmons, Weaver, Butler Creek, Outers, Blackhawk, and RCBS into a new operation named Revelyst, which will trade on the New York Stock Exchange under the ticker "GEAR." 

"The Vista Outdoor Board continues to recommend the acquisition of the Sporting Products business by Czechoslovak Group a.s. ('CSG') and remains committed to acting in the best interests of Vista Outdoor stockholders," said the company in a statement this week. 

Barring further offers or regulatory issues, the Vista/CSG deal is slated to conclude sometime in 2024.