Kroenke Sports & Entertainment increased its offer to...
Kroenke Sports & Entertainment increased its offer to buy Outdoor Channel Holdings to $10.25 per share in cash. The offer was previously amended last week (CD May 6 p14). Outdoor Channel’s board decided this second amendment caused InterMedia Outdoor’s $9.75…
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per share proposal “to no longer constitute a superior proposal,” it said in a press release (http://bit.ly/16bqx0r). Under the amended merger agreement, the termination fee that Outdoor Channel will have to pay Kroenke if the agreement is terminated “has been increased to $7.5 million (approximately 2.8 percent of the equity value of the transaction) from $1 million,” it said. The Outdoor Channel board expects a special meeting next week of Outdoor Channel stockholders to vote to adopt the amended merger agreement, Outdoor Channel said.