Vista Outdoor has rejected MNC Capital’s unsolicited indication of interest to acquire the company for $35 per share.

Vista Outdoor said its board of directors continues to recommend Czechoslovak Group’s proposed acquisition of the company’s sporting business, which is expected to close this year.

The board also noted that MNC Capital’s proposal undervalues Vista Outdoor, does not take into account the value expected to be created by the separation of the outdoor products and sporting products segments into two independent companies, and did not provide evidence it has procured committed financing.

“Following careful review with our experienced team of financial and legal advisors, the board determined that the transaction contemplated by MNC Capital’s indication of interest significantly undervalues the company and is not in the best interest of our stockholders,” Michael Callahan, chairman at Vista Outdoor’s board of directors.

“We continue to firmly believe that our pending transaction with CSG and the separation of Revelyst as a standalone public company will drive significantly greater value for our stockholders.”

Vista Outdoors’ brands include Fox, Bushnell, Camelbak, Butler Creek, Camp Chef, Fiber Energy Products, and Foresight Sports.