A last-minute bidder has emerged with an offer to acquire the Kinetic Group, the ammunition business of Vista Outdoor that includes Anoka-based Federal.

The unnamed bidder, which had made a previous offer, said it would pay more than $2 billion for the Kinetic Group. Vista's outdoor products company, Revelyst Inc., would become a standalone entity.

Meanwhile, the Vista board of directors rejected the latest revised bid by U.S.-based investment group MNC Capital of more than $3 billion for the entire company. MNC Capital and Vista had engaged in due diligence off and on for about 20 months dating to shortly after Vista Outdoor announced plans to split its two segments. MNC has made three public bids: $35 a share on Feb. 19; $37.50 on March 25 and $37.50 last week.

"In light of the lack of compelling value in the MNC Third Indication, we continue to believe that our pending transaction with CSG will drive significantly greater value for our stockholders," the Vista board wrote in a letter to MNC.

Vista publicly acknowledged the new bid Monday morning and postponed a special shareholder meeting from June 14 to July 2 to vet the new bid.

In previous SEC documents, Vista said it engaged with more than two dozen parties for various bids to acquire all or portions of the company.

Vista accepted an offer from CSG in October, and will owe the company a $47.75 million breakup fee if it ends up accepting a different bid.

According to filings with the Securities and Exchange Commission, the alternative bidder sent a letter to Vista's board of directors June 3 revising an earlier offer. In a June 5 letter, the bidder said it would pay $1.91 billion for the Kinetic Group and split the $47.75 million termination fee with Vista.

The Vista board debated the alternative bidder's offer with its financial and legal experts before rejecting that bid June 7. Later that day, the alternative bidder responded with a "cash free, debt free" offer of more than $2 billion, with Vista paying the full termination fee to CSG.

The Vista board said it still recommends the deal with CSG as of Monday and is confident it can gain approval from the Committee on Foreign Investment in the United States.

Shares of Vista Outdoor finished Monday at $36.35, up 54 cents.