MNC Capital raises offer to acquire Vista Outdoor to over $3 billion

(Reuters) – Investment firm MNC Capital has raised its offer to acquire sporting and outdoor goods company Vista Outdoor (NYSE:) to $39.50 per share, or over $3 billion, the investment firm said on Thursday.

Shares of Vista Outdoor rose 8.4% to $37.34 in premarket trading.

Vista Outdoor had rejected MNC Capital’s proposal in May, despite engaging with the investment firm to increase its bid of $37.50 per share, saying it undervalued the performance gear business.

MNC Capital had raised its all-cash bid to acquire Vista to $37.50 per share in March, after the outdoor goods company turned down a previous offer of $2.90 billion, or $35 per share.

Vista had also agreed to sell its sporting products business to Czechoslovak Group for $1.96 billion last month, after the Prague-based defense firm raised its offer to acquire the unit from the company.

Vista did not immediately respond to a request for comment.