Intermedia Partners kept the bidding war for Outdoor Channel alive Friday, increasing its bid for the network to $9.75 per share and leaving rival Kroenke Sports & Entetrainment the decision to ante up or go home.
InterMedia raised the stakes for Outdoor on April 30, lobbing in a surprise $9.15 per share bid for the channel, beating Kroenke Sports’ $8.75 per share all-cash bid. Not to be outdone, KSE raised its bid to $9.35 per share on May 2, which Outdoor accepted, apparently shutting the door on InterMedia.
That changed on May 3, when in a brief statement, InterMedia said it had delivered a definitive binding offer to Outdoor for $9.75 in cash. InterMedia said its offer would remain open until 5 p.m. PST on May 10. Outdoor was scheduled to hold a special meeting of shareholders to vote on the KSE proposal on May 8.