(Reuters) – Investment firm MNC Capital has raised its offer to acquire sporting and outdoor goods company Vista Outdoor 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.
(Reporting by Granth Vanaik in Bengaluru; Editing by Krishna Chandra Eluri)
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