Kroenke Sports & Entertainment LLC said it proposed to acquire Outdoor Channel Holdings for $8.75 per share in cash to counter the offer from Leo Hindrey's InterMedia.

Outdoor Channel, which features programming for outdoor enthusiasts, revealed on March 4 that Kroenke delivered an unsolicited bid and that its board had been in negotiations with the rival bidding company.

The specialties channel said that it will be having only $1 million breakup fee from Kroenke's offer, much lower than the $6.5 million fee required by rival InterMedia.

Outdoor Channel announced on November 16 last year that it had reached agreement to merge in a cash-and-stock deal with InterMedia at $208 million.

Kroenke explained that its proposal is clearly defined and has no due diligence conditions nor contains financing.