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.
Shares of OUTD traded higher by 5.71% or $0.5399/share to $10.00. In the past year, the shares have traded as low as $5.97 and as high as $9.21. On average, 123439 shares of OUTD exchange hands on a given day and today's volume is recorded at 105527.
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