Kudelski acquires 60 per cent stake of Open TV

MUMBAI: The Kudelski Group has, through a successfully completed tender offer, acquired 60 per cent of the shares of OpenTV, giving it 91 per cent of the voting rights in the developer of interactive TV software and advertising solutions.

Last month, Switzerland-based Kudelski offered $1.55 per share in cash for the shares of OpenTV it did not own. The offer, worth $215 million, expired 12 November.
Kudelski and its subsidiaries previously held 32.3 per cent of OpenTV‘s total outstanding shares and controlled 77.2 per cent of the voting power.

Kudelski, the holdings of which include conditional-access vendor Nagravision, had launched a takeover bid in February for $1.35 per share, that OpenTV‘s board rejected as ‘inadequate‘.

Kudelski said last Friday that it is providing a subsequent offering period to acquire all of the remaining outstanding Class A shares of OpenTV that will expire on 20 November for the same purchase price of $1.55 per share.  
Kudelski said OpenTV shareholders who don‘t sell their shares "risk holding an illiquid stock" and that it will seek to delist OpenTV from the NASDAQ.

OpenTV‘s middleware has been deployed in more than 127 million digital set-top-boxes and TVs worldwide.

Customers of the San Francisco-based company include Time Warner Cable, Comcast Spotlight, Dish Network, Charter Communications, NBC Universal and Suddenlink Communications.

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