Kroenke Expected To Buy Outdoor, Via Highest Bid
An entity controlled by sports entrepreneur Stan Kroenke is poised to take over the Outdoor Channel after a lengthy bidding war. Kroenke Sports
& Entertainment (KSE) has a deal with the board of Outdoor Channel Holdings to acquire the business for $10.25 a share.
That tops the $9.75-per-share bid made by InterMedia Partners, a private equity firm that had an arrangement last year to acquire Outdoor Channel for a valuation of $8 a share.
Will InterMedia make another bid to top KSE? Apparently, no.
“I suppose this is the end,” InterMedia’s Peter Kern told Multichannel News. “It’s getting ridiculous.”
One more reason to think KSE will win out: Outdoor Channel has increased the break-up fee KSE would receive from $1 million to $7.5 million.
InterMedia wanted to buy Outdoor Channel and combine it with its Sportsman Channel and outdoor enthusiast magazines in an integrated business.