The battle over the cable channel continues this morning after Outdoor Channel directors formally deemed InterMedia Outdoor Holdings’ $9.75 a share offer – worth about $252M — to be superior to the $9.35 bid they accepted last week from Kroenke Sports & Entertainment. Kroenke has until Thursday to offer even more money. Shareholders are counting on that to happen: Outdoor Channel shares are trading this morning at $10.03. But if they’re wrong and Kroenke doesn’t sweeten its offer, then Outdoor says it will pay a $1M break-up fee to Kroenke and “enter into the merger agreement with InterMedia.” What does this mean for the shareholder meeting scheduled for Wednesday to vote on the Kroenke proposal? I’ll update as soon as I hear something back from representatives for the cable channel and InterMedia. Since things remain in flux, Outdoor’s board says that it “has not changed its recommendation” for shareholders to support that deal. In any event, heads must be spinning at the Outdoor board room. In November directors agreed to accept cash or stock valued at $8.00 from InterMedia. The company switched sides in March when Kroenke came in with an $8.75 offer. InterMedia appeared to back away, but returned on April 30 offering $9.15. Last week Kroenke was back at $9.35, quickly followed by InterMedia’s $9.75. InterMedia owns The Sportsman Channel and 15 magazines including Guns & Ammo and Petersen’s Hunting.