June 24 (Reuters) - Vista Outdoor ( VSTO ) on Monday

agreed to sell its sporting products and ammunition business to

Czechoslovak Group (CSG) for about $2 billion, after the

Prague-based defense firm raised its offer for a second time.

Vista would also be returning an additional $77 million of

excess cash to its stockholders as part of the cash

consideration in the CSG deal.

CSG in May had raised its offer to acquire the unit, called

Kinetic Group, for $1.96 billion as it has been looking to widen

its portfolio amid increasing demand for military equipment and

ammunition after Russia's invasion of Ukraine.

Vista has been in midst of a bidding war, with investment

firm MNC Capital also showing an interest in acquiring the

company. However, the outdoor and sporting products company has

rejected its proposals after engaging for months.

MNC Capital did not immediately respond to a request for

comment.