Outdoor Channel said Monday that it will hold a special meeting of shareholders at its headquarters in Temecula, Calif., at 2:30 PST on May 16 to vote on Kroenke Sports & Entertainment’s $10.25 per share all cash offer to purchase its outstanding stock.
Kroenke’s $10.25 per share offer was the sixth for the channel since November, when InterMedia Partners had a deal for the hunting and fishing network for $8 per share in cash and stock. KSE bettered that offer with an $8.75 per share all-cash proposal in March. As that deal approached a planned May 8 shareholders meeting, InterMedia lobbed in a proposal for $9.15 per share on April 30, which KSE bettered on May 2 with a $9.35 per share bid.InterMedia countered with a $9.75 per share offer that appeared to win the day, but was bested by Kroenke’s $10.25 offer on May 8. As a condition of accepting the deal, Outdoor’s board of directors agreed that any new offers for the channel would have to be accepted by shareholders in a separate vote.
According to the amended proxy statement filed May 13,Outdoor’s board of directors said it has unanimously approved the latest Kroenke proposal and recommended that shareholders vote for the deal.