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Kudelski Group extends deadline for OpenTV deal

Tue, 11/03/2009 - 7:15am
Mike Robuck

The Kudelski Group has extended the expiration date on its tender offer to buy all of the remaining Class A shares in OpenTV that it doesn’t already own from Nov. 6 to Nov. 12.

The tender offer and related withdrawal rights are now scheduled to expire at 11 p.m. EST on Nov. 12.

Kudelski said it decided to extend the expiration date to provide OpenTV shareholders more time “to consider all the relevant information disseminated since the commencement of the offer, including OpenTV’s third-quarter results being announced today.”

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.

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.

Kudelski said OpenTV shareholders who have not previously tendered shares and wish to must validly tender their shares on, or prior to, the expiration date. Shareholders who have previously tendered shares do not need to re-tender or take any other action related to the deadline extension, and all other terms and conditions remain unchanged.

As of the close of business yesterday, Kudelski said approximately 1.53 million Class A shares of OpenTV had been tendered into and not withdrawn from the offer.

More Broadband Direct 11/03/09:
•  Blog I: TV Everywhere – literally this time
•  Blog II: DOCSIS 3.0 vs. DOCSIS 3.0
•  Cablevision triples its profit in Q3
•  RCN posts free cash flow of $11M in Q3
•  Cisco buys into enormous China STB market
•  An Expo assortment
•  Report: Apple has OTT envy
•  Inter Mountain Cable chooses Sigma Systems
•  VeEx announces SLA validation test feature
•  Jinni joins NDS' Recommendations Engine Partner Program
•  Kudelski Group extends deadline for OpenTV deal
•  Qwest to save $100M; Nacchio wants clean slate
•  Nokia Siemens Networks plans layoffs, reorg
•  Broadband Briefs for 11/03/09

 

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