Kroenke Makes $227M Competing Bid for Outdoor
Sports magnate offers $8.75 per share for network
By Mike Farrell, Multichannel News -- Broadcasting & Cable, 3/4/2013 11:02:02 AM
Kroenke Sports, which also owns regional sports network Altitude Sports and the World Fishing Network, offered $8.75 per share in cash for the outstanding stock of Outdoor Channel, a bid worth about $227 million that seems to far outpace InterMedia's $8 per share deal.
Outdoor Chanel stock surged on the news and was up 15.5% ($1.17 per share) to $8.72 each in early trading Monday.
In a statement issued March 4, Outdoor Channel said it had received an unsolicited, non-binding written proposal from Kroenke and that its board of directors believes the offer could be determined as superior to the InterMedia proposal.
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