Less than two weeks after Outdoor Channel received an unsolicited acquisition offer of $227 million from Kroenke Sports & Entertainment, the network said it signed a merger agreement with Kroenke on Wednesday.
Kroenke will pay $8.75 per share to acquire Outdoor, topping a bid of $8 per share that Sportsman Channel parent Intermedia Outdoors made for the network in November. Outdoor Channel said it has paid Intermedia a breakup fee of $6.5 million.
KSE is controlled by Stan Kroenke, the owner of the Denver Nuggets NBA Franchise and regional sports network Altitude Sports & Entertainment. Kroenke also owns a 50 percent stake in World Fishing Network.
"Our board of directors has unanimously determined that the proposed all-cash merger with KSE offers superior value for our stockholders," Outdoor CEO Tom Hornish said in a prepared statement.
Outdoor Channel said the deal is expected to close during the second quarter.
- see the release
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