Outdoor Channel Remains In Play After InterMedia Partners Ups Offer
Outdoor Channel shares are up 7.4% in post-market trading after InterMedia Partners, in a surprise move, offered $9.15 a share – about $236.5M – for the cable network. That tops the $8.75 a share bid from real estate and sports mogul Stanley Kroenke the board accepted in March. ”We are confident that you, after consultation with your outside legal counsel and financial advisors, will conclude that our proposal constitutes a superior proposal,” InterMedia says in a letter today to the Outdoor Channel board. The offer comes ahead of a May 8 shareholder meeting to vote on the Kroenke deal. It reopens a decision that appeared to have been settled after Outdoor Channel elected to go with Kroenke Sports & Entertainment. That ended an $8 a share cash and stock deal it cut in November with InterMedia which also owns The Sportsman Channel and 15 magazines including Guns & Ammo and Petersen’s Hunting. InterMedia’s new bid seems to reflect a change of heart: It said in March, after Kroenke appeared to have prevailed, that “Outdoor Channel presented an attractive merger partner for us, but our first duty is to our investors and there are prices at which some deals stop making sense.”
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