The bidding war continues: InterMedia Outdoor Holdings, the owner of The Sportsman Channel, says this morning that it will pay $9.75 a share — about $252M — for the Outdoor Channel. That seems to trump the $9.35 price that Outdoor’s board said last night it accepted from Kroenke Sports & Entertainment, which is controlled by real estate and sports mogul Stanley Kroenke. Investors apparently believe that the price will go even higher: Outdoor shares are up 5.9% to about $10.00 in late morning trading. The battle over Outdoor Channel is intensifying ahead of a May 8 shareholder meeting to vote on the Kroenke offer. Outdoor has been in play since late last year. In November it agreed to accept cash or stock valued at $8.00 from InterMedia. The board switched sides in March when Kroenke came in with an $8.75 offer. InterMedia appeared to back away, but returned this past Tuesday offering $9.15.

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