Outdoor Channel Holdings, Inc. (OUTD: Quote) announced Monday that it has received an unsolicited, nonbinding, written proposal from Kroenke Sports & Entertainment, LLC to buy the company. The hunting and fishing cable channel has a previous deal to be acquired by InterMedia.
Under the new offer, Kroenke would acquire all of its outstanding shares of common stock in an all-cash transaction at a price of $8.75 per share. The deal would be valued at more than $225 million.
Outdoor Channel confirmed that its board believes that the proposal is bona fide and would reasonably be expected to result in a superior proposal as outlined in the InterMedia Agreement. The company's board has authorized discussions with Kroenke regarding the alternative proposal.
The board noted that it is not withdrawing its recommendation with respect to the InterMedia transaction. It is not making any recommendation with respect to the Kroenke proposal at this time.
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by RTT Staff Writer
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