I commented out this:
//if (IsMdi())
//UpdateCustomTaskPanesVsibilityForContext(this, new HideCustomTaskPanesForContextEventArgs<ExcelRibbonType>(wb, true));
in VSTOContrib.Excel.RibbonFactory ExcelViewProvider.cs (line 97) and it fixes the issue, but I don't know really what the event is supposed to do.
Can I get a clarification?
If it is not affective for Excel, can we remove (it fixes the Visibility problem as far as I have tested). I can commit and do a pull request in short order.