Kudelski Group not interested in selling
The Kudelski Group added another page in its ongoing drama with OpenTV by issuing a press release today that said it’s not interested in selling the shares of OpenTV that it owns back to OpenTV.
The Kudelski Group issued the press release in response to a release by the Discovery Group on Tuesday. In Tuesday’s release, Discovery Group, the largest independent shareholder of OpenTV, said it sent a letter to the board of directors proposing that OpenTV offer to repurchase Kudelski Group’s 32 percent economic stake for $1.35 per share.
Discovery’s proposal followed a recently concluded process, by which Kudelski attempted, but failed, to take full ownership of OpenTV (store here).
Last week, a special committee of OpenTV’s board of directors announced that it had rejected the unsolicited proposal by Kudelski to acquire all of the outstanding shares of OpenTV’s Class A stock (story here).
Following up on OpenTV’s decision, the Kudelski Group said on June 4 that it was withdrawing its buyout bid and terminating discussions with OpenTV’s special committee.
\Today, the Kudelski Group said it’s not interested in selling its OpenTV shares and remains committed to being OpenTV’s controlling shareholder.