The delay — to March 22 from March 13 — will give bankers and lawyers more time to get their licks in before shareholders vote on who will end up with Outdoor Channel. At this point it seems that InterMedia Outdoor Holdings will have to sweeten the $208M cash and stock deal it made with the cable network in November. Outdoor’s directors said yesterday that the InterMedia agreement was topped last week by a $227M cash bid from real estate and sports mogul Stanley Kroenke’s Kroenke Sports & Entertainment. The determination started the clock on a four-day period in which InterMedia can make a counterproposal. The board says that delaying the scheduled shareholder meeting will ensure that investors have “all relevant information” about the offers. Prior to the announcement, proxy advisory firm Institutional Shareholder Services urged Outdoor Channel shareholders not to take any chances in case the meeting wasn’t moved and vote against the InterMedia deal. Earlier this week InterMedia told the board that its proposal was superior because it offered “a more attractive and valuable combination of cash today and stock in a much larger and more valuable enterprise.”
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