Outdoor Channel Holdings, owner of a cable-TV network with hunting and fishing programs, agreed to be bought by Kroenke Sports & Entertainment LLC, spurning an earlier offer from InterMedia Outdoors Holdings LLC.
The all-cash offer for $8.75 a share represents a 16% premium over Outdoor Channel’s stock price on 3/1, before the bid was first disclosed, the Temecula, California- based company said in a statement.
Kroenke outbid InterMedia, which previously entered into a merger agreement with Outdoor Channel. InterMedia had offered investors a choice of $8 cash a share, a new share of the new company or a combination of $4.46 in cash and 0.443 of a share, noted a Bloomberg story.
“Our board of directors has unanimously determined that the proposed all-cash merger with KSE offers superior value for our stockholders,” Tom Hornish, Outdoor Channel’s chief executive officer, said today in the statement.
Kroenke, based in Denver, owns and operates the Denver Nuggets of the National Basketball Association and the Colorado Avalanche of the National Hockey League, in addition to the Pepsi Center, where both teams play, and other sports teams and venues.