April 22 (Reuters) - Vista Outdoor ( VSTO ) is engaging

in discussions with investment firm MNC Capital for a better

deal than its all-cash offer to acquire the company for $3

billion, the sporting and outdoor products maker said on Monday.

Vista is already in talks to sell its sporting goods

business to privately-held Czech defence and civil manufacturing

company Czechoslovak Group (CSG) in a $1.91 billion deal.

The company said that MNC's proposal undervalues its

performance gear business, named Revelyst.

Vista Outdoor ( VSTO ) had received an

improved bid

from MNC Capital in March to acquire the company for $3

billion after it turned down MNC's earlier offer of $2.90

billion.

(Reporting by Juveria Tabassum; Editing by Savio D'Souza and

Varun H K)