© Reuters.
(Reuters) -Investment firm MNC Capital said on Monday it has raised its all-cash bid to acquire Vista Outdoor (NYSE:) to $3 billion from $2.90 billion.
Shares of the sporting and outdoor products maker closed up 3% at $33.30 on Monday.
MNC Capital 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.
Vista Outdoor confirmed it has received the updated offer.
The Anoka, Minnesota-headquartered company had rebuffed MNC Capital’s earlier offer, stating the bid “significantly undervalued” Vista.
Vista is in the process of selling its sporting goods business to privately held Czech defense and civil manufacturing firm Czechoslovak Group (CSG) in a $1.91 billion deal announced last October.
The New York Times DealBook was the first to report on MNC Capital’s improved offer.
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