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Acquisition of Outdoor Channel Holdings, Inc. by InterMedia Outdoors Holdings, LLC May Not Be in Outdoor Channel's Shareholders' Best Interests

SAN DIEGO and TEMECULA, Calif., Nov. 16, 2012 /PRNewswire/ -- Shareholder rights attorneys at Robbins Umeda LLP are investigating possible breaches of fiduciary duty and other violations of the law by members of the board of directors of Outdoor Channel Holdings, Inc. (NASDQ: OUTD) in connection with their efforts to sell the company to InterMedia Outdoors Holdings, LLC.  

(Logo: http://photos.prnewswire.com/prnh/20111014/ROBBINSUMEDALOGO)

On November 16, 2012, Outdoor Channel and InterMedia announced they had entered into a definitive merger agreement under which InterMedia will acquire Outdoor Channel through a cash and stock election merger with a total value of $176.6 million. Outdoor Channel shareholders will receive $8.00 per share or one share of stock in InterMedia. Following the completion of the merger, Outdoor Channel will become InterMedia Outdoor Holdings, Inc.

The Board of Directors' Actions May Prevent Outdoor Channel Shareholders from Receiving the Maximum Value for Their Stock

Robbins Umeda LLP's investigation focuses on whether the board of directors at Outdoor Channel is undertaking a fair process to obtain maximum value and adequately compensate its shareholders.  The $8.00 per share offer price represents a premium of only 11% based on Outdoor Channel's closing price on November 15, 2012 and is substantially below recent target prices set by analysts. As recently as September 9, 2012, an analyst from Noble Financial Group set a target price of $9 per share. Further, recently the company has reported impressive results.  On November 7, 2012, Outdoor Channel reported its third quarter 2012 earnings results reflecting a 13% increase in revenue and net income which beat consensus analyst estimates by 40%.  Moreover, following the completion of the merger, Outdoor Channel's current management team will manage the combined company. Given these financials and management's continued role at the post acquisition company, the firm is examining the board of directors' decision to sell Outdoor Channel now rather than allow shareholders to continue to participate in the company's continued success and future growth prospects.  

Outdoor Channel shareholders have the option to file a class action lawsuit against the company to secure the best possible price for shareholders and the disclosure of material information so shareholders can vote on the transaction in an informed manner.  Outdoor Channel shareholders interested in information about their rights and potential remedies can contact Darnell R. Donahue at (800) 350-6003, ddonahue@robbinsumeda.com, or via the shareholder information form on the firm's website.

Robbins Umeda LLP is a nationally recognized leader in securities litigation and shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested. For more information, please go to http://www.robbinsumeda.com.

Press release link:
http://www.robbinsumeda.com/shareholders-rights-blog/outdoor-channel-holdings-inc/

Attorney Advertising. Past results do not guarantee a similar outcome.  

Contact:
Robbins Umeda LLP
Darnell R. Donahue
ddonahue@robbinsumeda.com
(619) 525-3990 or Toll Free (800) 350-6003
www.robbinsumeda.com

SOURCE Robbins Umeda LLP

About PR Newswire
Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

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