LOS ANGELES - K2 Inc., a ski and snowboard maker, agreed yesterday to buy Rawlings Sporting Goods Co. Inc. for $114 million in stock and debt, topping an offer from the baseball-equipment supplier's biggest investor.

K2 will pay $84 million in stock and assume $30 million in debt in a transaction valued at $9 to $10 a share, K2 said in a statement. Daniel Gilbert, Rawlings' largest investor, announced Sunday that he had raised his cash bid to about $69 million, or $8.50 a share, from $65 million, or $8.

By acquiring Rawlings, K2 expands into the $1.3 billion U.S. team sporting-goods market.

Rawlings, founded in 1887 by brothers Alfred and George Rawlings, makes baseball bats, balls and gloves for professional and college teams as well as weekend athletes. Gilbert said he opposes the deal because K2 can't make the necessary investments in Rawlings to reverse a sales decline.

"If it was a much stronger company with a stronger balance sheet and better revenue growth, I would have been open to it," said Gilbert, who is chairman of online mortgage company Quicken Loans Inc. "They're going to have a hard time getting this past Rawlings' shareholders."

K2 Chief Executive Officer Richard J. Heckmann said his company is financially sound and he expects the transaction to close with no problems.

Shares of Fenton, Mo.-based Rawlings rose 75 cents, or 9.17 percent, to close at $8.93 on the Nasdaq stock market. They had more than doubled this year. Los Angeles-based K2 shares fell 39 cents to $9.48 on the New York Stock Exchange.