It looks as if the proxy fight for Outdoor Channel is over soon after it started, with Kroenke Sports & Entertainment agreeing to increase its offer for the outdoor lifestyle network to $9.35 per share, besting a $9.15 per share bid made by rival InterMedia Partners on April 30.
In a statement, Outdoor Channel said it has accepted the sweetened Kroenke bid and recommends that its shareholders vote in favor of the deal in a special meeting of stockholders slated for May 8 at 9 a.m. PST at Outdoor Channel headquarters in Temecula, Calif..
Suitors for Outdoor Channel have see-sawed since November, when InterMedia proposed an $8 per share cash and stock offer for the channel. That bid was trumped by a surprise offer from Kroenke Sports on Feb. 27 for $8.75 per share in cash.
On April 30, about a week before the shareholders meeting, InterMedia lobbed in a surprise offer of $9.15 per share in cash. Outdoor said at the time that it would evaluate the new proposal.
Unless InterMedia decides to increase its bid it appears as if Kroenke Sports will walk away with the prize.
Officials at InterMedia did not immediately return calls for comment.
Lazard is serving as exclusive financial advisor to Outdoor Channel in connection with the transaction. Wilson Sonsini Goodrich & Rosati, P.C. is legal advisor to Outdoor Channel in connection with the transaction.