American Greetings (AM +4.6%) pops as the Weiss family raises its bid for the company to $19/share after a major shareholder - TowerView LLC (run by Daniel Tisch) - said it would oppose the earlier offer of $18.20. TowerView has no comment on the raised price. Kudos to SA Pro's Whopper Investments for spotting another takeover bid as likely to be raised (OUTD was the other).
The Outdoor Channel Holdings (OUTD) bidding war is over, with Kroenke Sports & Entertainment closing its acquisition for $10.25/share in cash after Intermedia walked away. OUTD will presumably be delisted today. Congrats again to SA Pro's Whopper Investments and Chris DeMuth who spotted this "Heads You Win, Tails You Tie" proposition at $8.75/share.
Keep an eye on the higher termination fee in Kroenke's latest raised offer (to $10.25/share in cash) for Outdoor Channel (OUTD), writes Whopper Investments. It suggests either the bid is no longer designed to be beat, or - more fun - Kroenke is trying to draw InterMedia into coming back with a cash and stock deal at a far higher price. Whopper's best guess? InterMedia comes back in the low-mid $11 range with a 20% equity component.
Senator John McCain will introduce legislation shortly to overhaul the TV business by giving consumers the option to buy channels on an individual basis (a la carte) - instead of seeing only large bundles as options. The politician will face fierce resistance from broadcast (NWS, DIS, CMCSA, CBS, AMCX, SNI, OUTD, DISCA, VIAB) and cable companies (CVC, CHTR, TWC) but may have a friend in upstart Aereo which has been rankling a few feathers as well. (Aereo timeline)
It's now $10.25 to go in the bidding for Outdoor Channel Holdings (OUTD) as Kroenke Sports Entertainment ups its cash offer to $10.25/share from $9.35, moving ahead of InterMedia's $9.75. The termination fee of the amended offer has been raised to a somewhat less than nominal $7.5M from $1M previously. "The gift that keeps on giving," says Whopper Investments who spotted this opportunity when the bid stood at $8.75.
Outdoor Channel (OUTD) says a $9.75-per-share acquisition offer from InterMedia is a superior proposal and that it will terminate a deal with Kroenke Sports Entertainment per the terms of the merger agreement. The tussle over the company has been going on for over two months and keeps getting juicier for Outdoor Channel shareholders. (OUTD timeline)
InterMedia re-raises, upping its bid for Outdoor Channel Holdings (OUTD +5.9%) to $9.75 in cash to top Kroenke's $9.35 bid from yesterday. The action now moves back to Kroenke. The stock's currently at $10.02, suggesting Kroenke isn't about to fold.
The pot is raised in the play for Outdoor Channel Holdings (OUTD) with Kroenke Sports Entertainment upping its bid to $9.35/share. The action now moves back to InterMedia (whose $9.15 was just topped). Re-raise or fold? Let's ask the two who've been all over this from the start: "I bet InterMedia has a $9.75 bid in by tomorrow afternoon," says Whopper Investments. "Likely a double-digit price soon ... OUTD is worth at least $12 to InterMedia," says Chris DeMuth.
Outdoor Channel Holdings (OUTD +7.4%) continues to trade well north of last night's $9.15/share cash offer from InterMedia. What's next? The two SA Pro authors who originally spotted this opportunity believe (I, II) Kroenke isn't ready to sell at $9.15 and InterMedia has already indicated it's willing to pay more than that. The final bid, says Whopper Investments, could come soon and is likely to be closer to $10 than $9.
The bidding war continues for Outdoor Channel Holdings (OUTD) with InterMedia coming back and upping its bid to $9.15 in cash, trumping Kroenke's $8.75 offer. Shares are up 9.4% AH to $9.57 as this may not be the final story. Congrats to SA Pro authors Whopper Investments and Chris DeMuth who played this situation like a Stradivarius, sniffing out that Kroenke's $8.75 offer was designed to be beat.
Outdoor Channel (OUTD) announces it struck a multi-year distribution agreement with Comcast to make its outdoor lifestyle programming available for Xfinity customers across different platforms. The company claims the development marks the first TV Everywhere agreement in the outdoor genre.
Digital video recorders are responsible for 29% of the viewing that cable and TV subscribers undertake each week, according to fresh data from Motorola Mobility. The twist: It's another paper cut for a broadcast industry (CBS, AMCX, TWX, CMCSA, OUTD) desperate to keep hold of advertising revenue despite the DVR trend and the advent of Dish Networks's (DISH -0.1%) ad-skipping Hopper service.
Outdoor Channel Holdings (OUTD +0.8%) says its board likes the $8.75-per-share offer from Kroenke Sports & Entertainment and will constitute it a "superior proposal" which allows it to back out of a merger agreement with InterMedia.