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Kroenke Ups Offer for Outdoor Channel

It looks as if the proxy fight for Outdoor Channel is over soon after it started, with Kroenke Sports & Entertainment agreeing to increase its offer for the outdoor lifestyle network to $9.35 per share, besting a $9.15 per share offer made by rival InterMedia Partners on April 30.

In a statement, Outdoor Channel said it has accepted the sweetened Kroenke bid and recommends that its shareholders vote in favor of the deal in a special meeting of stockholders slated for May 8 at 9 a.m. PST at Outdoor Channel headquarters in Temecula, Calif..

Suitors for Outdoor Channel have see-sawed since November, when InterMedia proposed an $8 per share cash and stock offer for the channel. That bid was trumped by a surprise offer from Kroenke Sports on Feb. 27 for $8.75 per share in cash.

Click here to read the full story at Multichannel News.