InterMedia raises offer for Outdoor Channel as bidding war heats up

Fri May 3, 2013 10:33am EDT

May 3 (Reuters) - Leo Hindery's InterMedia Outdoors Holdings raised its offer for cable network Outdoor Channel Holdings Inc for the second time to $9.75 per share, a day after Outdoor Channel agreed to a $9.35 offer by Kroenke Sports & Entertainment LLC.

The cable network's shares rose 5.7 percent to $10 on the Nasdaq on Friday.

Kroenke Sports, owned by billionaire Stan Kroenke who also owns the Denver Nuggets basketball team and Colorado Avalanche hockey team, had raised its offer from $8.75 per share on Thursday. Kroenke also has a majority stake in Arsenal Football Club.

InterMedia had offered $9.15 per share on Wednesday.

The new offer from InterMedia, run by cable veteran Leo Hindery, prolongs a bidding war which began on March 4, when Outdoor Channel received an unsolicited offer from Kroenke Sports, which was followed by a definitive bid two days later.

The latest all-cash binding offer from InterMedia, which also owns "Sportsman" channel and publishes magazines such as "Guns & Ammo" and "Shotgun News", is open till May 10.

A couple walks along the rough surf during sunset at Oahu's North Shore, December 26, 2013. REUTERS/Kevin Lamarque

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