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

Denver sports magnate Stan Kroenke's Kroenke Sports & Entertainment has made a competing offer for the Outdoor Channel, a deal which seems to trump an earlier agreement between the hunting and fishing network and Sportsman Channel parent InterMedia Holdings.

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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