Kroenke Makes $227M Competing Bid for OutdoorSports magnate offers $8.75 per share for network 3/04/2013 11:02:02 AM Eastern
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