Cable network Outdoor Channel Holdings Inc agreed to be acquired by Kroenke Sports & Entertainment LLC for about $8.75 per share in cash, nearly four months after it accepted an $8.00 offer from Leo Hindery's InterMedia Outdoors Holdings LLC.
Outdoor Channel shares were down 1.4 percent at $8.72 on the Nasdaq in early trading on Wednesday.
The offer from Kroenke Sports, the owner of the Denver Nuggets basketball team and Colorado Avalanche hockey team, values Outdoor Channel at about $227 million.
Outdoor Channel, which features programming for hunters and other outdoor enthusiasts, said on March 4 it received an unsolicited offer from Kroenke Sports, which was followed by a definitive bid two days later.
Kroenke Sports is owned by Stan Kroenke, who has a majority stake in Arsenal Football Club.
Outdoor Channel announced on November 16 that it had agreed to merge with InterMedia Outdoors Holdings LLC in a cash-and-stock deal valued at roughly $208 million.
"We continue to believe that our proposed merger is the superior choice for all Outdoor Channel shareholders," InterMedia spokesman Alex Howe said in an emailed statement.
"Unfortunately, Outdoor Channel determined that they would prefer to take cash rather than participate in the significant combined future upside this combination provided," Howe said.
InterMedia is controlled by private equity investment fund InterMedia Partners VII, founded by cable veteran Leo Hindery.
Outdoor said on Wednesday it paid InterMedia a $6.5 million termination fee and it expects the deal with Kroenke Sports to be completed in the second quarter.
(Reporting by Supantha Mukherjee and Sruthi Ramakrishnan in Bangalore; Additional reporting by Sagarika Jaisinghani; Editing by Joyjeet Das and Matt Driskill)