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InterMedia Makes Outdoor Counter Offer

$9.15 Per Share in Cash Would Seem to Trump Kroenke Offer 4/30/2013 12:15 PM Eastern

Not to be outdone by the group that outdid its earlier bid for Outdoor Channel, InterMedia Partners, parent of the Sportsman Channel, has made a $9.15 per share cash offer for the hunting, fishing and outdoor life network.

In a letter to Outdoor Channel Tuesday, InterMedia, headed by cable pioneer Leo J. Hindery Jr., said it believed its proposal is superior to the one made by Kroenke Sports and Entertainment in March.  That offer, for $8.75 per share in cash, had scrapped an earlier cash and stock deal InterMedia had for the channel.

Outdoor Channel shareholders were scheduled to vote on the KSE proposal on May 8. In its letter, InterMedia said its offer would remain open until 5 p.m. on May 7.

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