Kudelski extends OpenTV offer period

[sofien72tu]

Kudelski extends OpenTV offer period
Chris Forrester
03-11-2009

Kudelski is attempting to acquire all of the OpenTV stock it does not own in a $1.55 per share bid which was originally due to close this coming Friday. Kudelski has extended the time period by a week.

Kudelski, in a note to investors, says they now have until 11pm (New York time) on Thursday Nov 12 to accept the Tender Offer.

Kudelski says it decided to extend the expiration date to provide OpenTV shareholders ample time to consider all the relevant information disseminated since the commencement of the offer, including OpenTV’s third quarter results announced Nov 3.

“OpenTV shareholders who have not previously tendered shares and wish to must validly tender their shares on or prior to the expiration date. Shareholders who have previously tendered shares do not need to re-tender or take any other action in response to this extension. Except for the extension of the tender offer expiration date, all other terms and conditions of the offer remain unchanged,” says Kudelski.

[Dobe7777]

Kudelski extends OpenTV offer


By Julian Clover
November 3, 2009

Kudelski Group’s $1.55 per share offer for OpenTV was under pressure on Tuesday after the Swiss technology company announced it was extending the deadline for acceptances by six days to November 12, 2009.

In a statement, Kudelski said it wanted to provide OpenTV shareholders with ample time to consider the relevant information that has been distributed since the offer was first made. Kudelski says this includes OpenTV’s results, scheduled to be released later today, though these would have fallen within the original November 6 deadline.

There will be fears that the extension is a recognition that statements by shareholders such as Arcadia Capital Advisors, which described the $1.55 offer as “too low”, are beginning to have some impact.