The bidding war for the cable channel is coming to a head with Kroenke Sports & Entertainment up to $10.25 a share — about $265M — moving ahead of InterMedia Outdoor Holdings’ $9.75. The new offer is higher than the stock’s closing price today of $10.14. No surprise that the Outdoor Channel board now recommends that shareholders vote for this deal at a meeting that the company says it expects to hold next week. InterMedia faces new hurdles if it wants to come back with a higher offer: According to the terms of Outdoor’s amended agreement with Kroenke, the company must let shareholders vote on the Kroenke offer — even if the board switches its recommendation. Executives and board members who control 41% of the shares have committed to support Kroenke no matter what. What’s more, if Kroenke loses then Outdoor will have to pay a $7.5M break-up fee, up from the previous $1M. In November directors agreed to accept cash or stock valued at $8.00 from InterMedia. The company switched sides in March when Kroenke came in with an $8.75 offer. InterMedia appeared to back away, but returned on April 30 offering $9.15. Last week Kroenke was back at $9.35, quickly followed by InterMedia’s $9.75. InterMedia owns The Sportsman Channel and 15 magazines including Guns & Ammo and Petersen’s Hunting.

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