Outdoor Channel Accepts New Offer From Kroenke Sports & Entertainment

Real estate and sports mogul Stanley Kroenke just upped his offer to $9.35 a share — about $241.7M — from $8.75. That trumps InterMedia Partners’ surprise bid on Tuesday of $9.15. The cable channel says that it will incorporate the latest amount as an amendment to the deal it struck with Kroenke in March. It also still plans to hold a shareholder meeting on May 8 and wants investors to support the union with Kroenke — but adds that people who have already cast their ballots can change their votes any time up until then. Investors in the cable channel apparently are hoping for even more: The stock closed at $9.46 today, before Outdoor Channel disclosed Kroenke’s new terms. The tug of war over Outdoor Channel began in November when it agreed to accept cash or stock valued at $8.00 from InterMedia, which owns The Sportsman Channel and 15 magazines including Guns & Ammo and Petersen’s Hunting. Outdoor switched sides in March when Kroenke made its counteroffer. That seemed to end the bidding war until InterMedia returned this week.

This article was printed from https://deadline.com/2013/05/outdoor-channel-accepts-new-offer-from-kroenke-sports-entertainment-489156/