(Changes media packaging code to VISTA OUTDOOR-M&A/MNC CAPITAL; Adds details and shares in paragraphs 3-5)

June 10 (Reuters) - Vista Outdoor said on Monday it had rejected a sweetened takeover bid for the company by investment firm MNC Capital, and that it had received a more than $2 billion offer from a private investment firm for its sporting products unit.

MNC Capital raised its offer for the sports and outdoor products maker to $39.50 per share, or more than $3 billion, last week after its offer of $37.50 per share was rejected by the company, saying it undervalued the company and its performance gear business, Revelyst.

Shares of the company were up 2.3% in premarket trading.

In May, the company had agreed to sell the sporting products unit, Kinetic Group, to Czechoslovak Group for $1.96 billion.

(Reporting by Granth Vanaik in Bengaluru; Editing by Mohammed Safi Shamsi)