A Colt Mark IV Government Model 45 caliber handgun pictured with clip on June 15. Firearms maker Colt filed for chapter 11 bankruptcy-court protection in June. Photo: European Pressphoto Agency ...

Česká zbrojovka Group said it will acquire all of Colt's business for $220 million and about 1.1 million new shares of the Czech firm's stock.

Czech gunmaker Colt CZ Group has made a cash-and-stock merger offer to Vista Outdoor , valuing the U.S. sporting and outdoor goods group's shares at a 16% premium.

Colt, whose more than 175-year history includes the development of a revolver it calls “the gun that won the West,” is seeking to slash its roughly $358 million debt load in chapter 11 bankruptcy.

New Frontier production—along with Colt’s Model P—was temporarily halted in 1975 to update the machinery. This marked the end of “Second Generation” guns, which were then superseded by ...