The most riveting story at the Outdoor Channel is taking place indoors as execs there weigh competing acquisition proposals ahead of a planned March 13 shareholder vote. The stock is up 14.7% in mid-day trading after the company said today that Kroenke Sports & Entertainment’s $227M cash offer late last week “would reasonably be expected to result in a ‘Superior Proposal'” to the $208M cash and stock agreement in November to sell itself to InterMedia Outdoor Holdings. The board plans to talk with the company controlled by real estate and sports mogul Stanley Kroenke who owns the NFL’s St. Louis Rams, the NBA’s Denver Nuggets, and the NHL’s Colorado Avalanche. For now, though, it “reaffirms its recommendation that Outdoor Channel’s stockholders vote in favor of the adoption of the InterMedia Agreement.” Meanwhile, InterMedia says in a letter to the company that it’s “unequivocally clear” that it offers a “more attractive and valuable combination of cash today and stock in a much larger and more valuable enterprise.” InterMedia can collect a $6.5M breakup fee if Outdoor decides not to go through with their deal.
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