(Reuters) – Investment firm MNC Capital said on Monday it has raised its all cash bid to acquire sporting and outdoor products maker Vista Outdoor to $3 billion from $2.9 billion.
Shares of the company were up about 4% in premarket trading after the New York Times DealBook first reported the improved offer.
The investment firm is offering $37.50 per share for all of Vista’s shares, up from its earlier bid of $35. The new offer represents a premium of 16% to Vista’s close on Friday.
The Anoka, Minnesota-headquarted company had rebuffed MNC Capital’s offer of $2.9 billion in March, stating the bid “significantly undervalued” the company.
Vista is in the middle of selling its sporting goods business to privately held Czech defense and civil manufacturing firm Czechoslovak Group (CSG) in a $1.91 billion deal that was announced last October.
Vista did not immediately respond to Reuters’ request for comment.
(Reporting by Anuja Bharat Mistry in Bengaluru; Editing by Shilpi Majumdar and Tasim Zahid)
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