Outdoor Channel said Wednesday that it has entered into
definitive merger agreement with Kroenke Sports & Entertainment for $8.75
per share in cash, a deal that values the network at about $278 million.
"Our board of directors has unanimously determined that
the proposed all-cash merger with KSE offers superior value for our
stockholders," said Outdoor Channel CEO Tom Hornish in a statement.
"We are pleased that Kroenke Sports & Entertainment has agreed to
purchase Outdoor Channel."
The KSE offer trumped an earlier $208
million agreement the company had reached with InterMedia Partners, parent
of the rival Sportsman Channel back in November. KSE made its unsolicited
bid for the channel on Feb. 27, and on March 8
Outdoor said the all-cash deal was superior to InterMedia's offer of $8 per
share in cash and stock in the newly formed company.