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OpenTV files with SEC over Kudelski offer

Wed, 10/21/2009 - 8:15am
Mike Robuck

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.

More Broadband Direct 10/21/09:
•  Cablevision lines up 4 marketers for interactive ads
•  Ad group sides with Cox over Qwest complaint
•  Comcast to debut cable shows online by year's end
•  AT&T asks employees to lobby FCC on net neutrality
•  SeaChange expands into CDN category
•  PCT Int'l amplifiers boost MoCA
•  Cisco: Power users driving 'Net traffic
•  OpenTV files with SEC over Kudelski offer
•  Internet advertising appears to begin its comeback
•  LG Electronics' profit soars, sales rise
•  Broadband Briefs for 10/21/09

 

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