Outdoor Channel Holdings wants to ensure that InterMedia Partners has exhausted a chance to make a more favorable offer before its shareholders vote
on whether to accept a competing bid. The company has postponed a meeting regarding the InterMedia proposal from March 13-22.
Outdoor Channel has deemed a recent bid by Kroenke Sports & Entertainment to be “superior” to InterMedia’s offer, which was announced last fall, and that looks as if it will be accepted.
Kroenke Sports has offered $8.75 a share. InterMedia’s current proposal offers stockholders a choice of $8 a share, a share in a newly merged company or a combination. The new company would also include the InterMedia-owned Sportsman Channel and its host of outdoor enthusiast magazines.
InterMedia has a four-day window to alter its offer. Outdoor Channel said it opted to postpone the vote until the window has lapsed and shareholders can obtain further information.
Kroenke Sports is controlled by Stan Kroenke, who owns the Denver Nuggets, Colorado Avalanche and other teams.
Outdoor Channel is in some 39 million homes and its parent also owns an entity behind aerial cameras used in sports broadcasts. On Friday, the company share price was trading a little above $8.75 in midday activity.