Kudelski secures OpenTV

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Kudelski secures OpenTV

By Julian Clover
November 13, 2009 11.07 UK

The battle for middleware company OpenTV has entered its final stages with the Kudelski Group announcing it had secured the 60% of Class A shares it did not already own.

When the $1.55 per share offer closed at 23.00 ET on November 12, 2009, the Swiss technology company had secured 91% of the voting rights.

Kudelski has now put forward a subsequent offer for the outstanding Class A shares, at the same $1.55 purchase price, and closing at 17.00 ET this evening. “The subsequent offering period provides all shareholders a final opportunity to receive immediate and certain liquidity at a value that exceeds the value that Kudelski believes OpenTV could deliver as a standalone public company,” read a Kudelski statement.

Kudelski will now look to delist the OpenTV shares from the NASDAQ exchange.

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Kudelski completes takeover of OpenTV

Digital TV company Kudelski has purchased approximately 60 per cent of the shares in OpenTV Corp it had not already owned for $1.55 a share, taking its voting rights to 91 per cent.
In February, Kudelski had proposed buying the remainder of OpenTV's shares for $1.35 per share, but withdrew that bid in June after a special committee set up by OpenTV's board rejected it as inadequate.
Kudelski also announced that it has commenced a subsequent offering period to acquire all of the remaining outstanding Class A shares.