Outdoor Channel Cancels Shareholder Meeting To Vote On Takeover Plan
The only surprise here it that it took the cable channel so long to make the decision. Investors were scheduled to meet tomorrow to vote on Kroenke Sports & Entertainment‘s $9.35-a-share acquisition offer — even though Outdoor Channel said yesterday that it now prefers InterMedia Outdoor Holdings’ $9.75 bid, worth about $252M. Kroenke has until Thursday to sweeten its price. Still, the company wouldn’t say yesterday that it would put off tomorrow’s vote. That changed this morning with an announcement that shareholders would be best served if the vote is postponed “until after May 9, 2013.” Kroenke also “has agreed to the adjournment of the special meeting” Outdoor Channel says. Its investors continue to bet that the company controlled by real estate and sports mogul Stanley Kroenke will return with a higher price. The stock is trading this morning at $10.08 a share, up 9 cents. But InterMedia also has a strong incentive to win the bidding war. Outdoor Channel would complement its existing properties which include The Sportsman Channel and 15 magazines including Guns & Ammo and Petersen’s Hunting.
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