Vista Outdoor (NYSE:VSTO) announced on Monday that it has rejected MNC Capital's revised offer to acquire the company.

Instead, it has agreed to an increased bid from Czechoslovak Group (CSG) for its ammunitions unit, Kinetic Group.

MNC Capital's final offer of $42 per share was deemed less favorable to Vista's stockholders compared to CSG's offer.

Vista argued that MNC's bid undervalued its performance gear business, Revelyst.

The company said CSG increased its purchase price for Kinetic Group to $21 per share.