A buyback after closing would compensate for share dilution, analysts said. Vista shareholders would hold about 55% in the new company under the deal, Colt CZ said. Vista said it would review Colt CZ's proposal but that it had not made any change in its recommendation for the CSG deal. "Vista Outdoor stockholders do not need to take any action at this time," it said. CSG declined to comment. When announcing the sale of its sporting products business on Oct. 16, Vista also cut its full-year sales forecast. Colt CZ, along with a majority shareholder and its chairman, together acquired more than 5% of Vista shares, they announced in October. The Czech group acquired U.S. gun brand Colt in 2021. Colt CZ said on Thursday its adjusted nine-month earnings before interest, tax, deprecation and amortisation (EBITDA) fell 17.3% year-on-year to 1.9 billion crowns ($84.8 million), as a recovery in the U.S. commercial market had been slower than expected.