UPDATE 2-Vista Outdoor rejects $2.9 bln buyout offer from MNC Capital

(Adds details on the rejection of the offer, background on segment sale)

March 4 (Reuters) - Vista Outdoor said on Monday it had rejected a $2.9 billion takeover offer from investment firm MNC Capital as the bid "significantly undervalued" the sporting and outdoor products maker.

MNC Capital said on Friday it had submitted a takeover proposal on Feb. 19 to buy Vista Outdoor for $35 per share - a premium of nearly 17% to the stock's Feb. 16 closing price.

Vista also said MNC Capital's proposal did not take into account the significant stockholder value expected to be created by the planned separation of its Outdoor Products and Sporting Products segments.

The company had turned down Czech gunmaker Colt CZ Group's $30-a-share cash-and-stock merger offer in November for the same reasons.

MNC Capital's takeover offer does not provide evidence that the investment firm has procured committed financing, Vista chairman Michael Callahan said in a letter.

The company is in the middle of selling its sporting goods business to privately held Czech defense and civil manufacturing firm Czechoslovak Group (CSG) in a $1.91 billion deal that was announced last October.

Vista said its board continues to recommend the sale of its sporting products business and remains committed to the strategy of making its Outdoor Products business a standalone public company.

MNC Capital did not immediately respond to a Reuters request for comment. (Reporting by Anuja Bharat Mistry in Bengaluru; Editing by Devika Syamnath)