Real estate and sports mogul Stanley Kroenke just upped his offer to $9.35 a share — about $241.7M – from $8.75. That trumps InterMedia Partners’ surprise bid on Tuesday of $9.15. The cable channel says that it will incorporate the latest amount as an amendment to the deal it struck with Kroenke in March. It also still plans to hold a shareholder meeting on May 8 and wants investors to support the union with Kroenke — but adds that people who have already cast their ballots can change their votes any time up until then. Investors in the cable channel apparently are hoping for even more: The stock closed at $9.46 today, before Outdoor Channel disclosed Kroenke’s new terms. The tug of war over Outdoor Channel began in November when it agreed to accept cash or stock valued at $8.00 from InterMedia, which owns The Sportsman Channel and 15 magazines including Guns & Ammo and Petersen’s Hunting. Outdoor switched sides in March when Kroenke made its counteroffer. That seemed to end the bidding war until InterMedia returned this week.
- Stanley Kroenke
- Outdoor Channel