(Reuters) – Investment firm MNC Capital has raised its offer to acquire sports and outdoor products company Vista Outdoor (NYSE:) to $39.50 per share, or more than $3 billion, the investment firm said on Thursday.
Vista Outdoor shares rose 8.4% to $37.34 in premarket trading.
Vista Outdoor rejected an offer from MNC Capital in May despite an agreement with the investment firm to raise the bid to $37.50 per share, saying it undervalued the high-performance equipment business.
MNC Capital raised its bid to acquire Vista to $37.50 per share in March after the outdoor products company rejected a previous offer of $2.90 billion, or $35 per share.
Vista also agreed to sell its sporting goods business to the Czechoslovakian group for $1.96 billion last month after the Prague-based defense firm put forward a proposal to acquire the unit from the company.
Vista did not immediately respond to a request for comment.