March 7 Outdoor Channel Holdings Inc
said on Thursday its board has decided a bid from Kroenke Sports
& Entertainment was superior to an existing pact with
A board statement came a day after Kroenke, the owner of the
Denver Nuggets and Colorado Avalanche U.S. professional sports
teams, said it had delivered a definitive counterproposal to buy
Outdoor for $8.75 per share in cash.
InterMedia, run by cable veteran Leo Hindery, had offered $8
per share. Outdoor announced on Nov. 16 it had agreed to merge
with InterMedia in a cash-and-stock deal valued at roughly $208
Outdoor said the board had notified InterMedia it wants to
terminate their agreement. InterMedia has four business days to
If Outdoor accepts Kroenke's offer, it would have to pay
InterMedia, which also operates the Sportsman Channel, a breakup
fee of $6.5 million.
Outdoor, which features programming aimed at hunters and
other outdoor enthusiasts, said on March 4 it received an
unsolicited bid from Kroenke and that the board had authorized
discussions with the rival bidder.