OpenTV said it has filed a Schedule 14D-9 Solicitation/Recommendation with the Securities and Exchange Commission in regard to an unsolicited tender offer by Kudelski to purchase all of the remaining Class A shares of OpenTV it doesn’t already own.
On Oct. 5, Kudelski made an all-cash tender offer of $1.55 per share to OpenTV shareholders for the 94 million outstanding shares that Kudelski doesn’t already own.
The offer represented a 17 percent increase over OpenTV’s closing price of $1.33 on Oct. 2. The offer ends on Nov. 6.
Kudelski said the offer doesn’t require the approval or recommendation of OpenTV’s board, and it’s not subject to a financing condition.
Kudelski currently owns 13.4 percent of OpenTV’s Class A shares. In February, it attempted to buy the remaining shares for $1.35 per share, but Kudelski ended up pulling its bid in June after a committee set up by OpenTV’s board rejected the offer.
OpenTV said its board of directors wasn’t expressing an opinion on whether shareholders should accept Kudelski’s offer.