Kudelski refreshes OpenTV offer

The Kudelski Group has issued a letter to OpenTV shareholders regarding the tender offer commenced by Kudelski in October valuing Open at $215 million. It states: "We firmly believe that our cash offer provides OpenTV shareholders immediate liquidity at a superior value to OpenTVís future prospects, particularly given the Companyís current scale and R&D challenges and the significant amount of new investment required for OpenTV to remain competitive as a standalone, publicly-traded company."

"In addition to delivering fair value to shareholders of OpenTV, we believe the combination is also in the best interest of OpenTVís employees, customers and partners because of Kudelskiís commitment to the sustainability of the business and Kudelskiís ability to invest in R&D and growth to ensure OpenTV has a strong future in the context of an intense, competitive environment."

Kudelski has also dropped certain conditions and effectively made its tender an all cash offer.