Kudelski moves forward with OpenTV acquisition

Swiss conditional access and interactive TV technology group Kudelski has completed its tender offer to acquire US middleware supplier OpenTV for US$1.55 (€1.04) a share, giving it approximately 60% of the shares in the company that it did not already own.

Kudelski, whose offer has been resisted by some shareholders, including Arcadia Capital Advisers, will now own approximately 91% of the voting rights in OpenTV. The company has also launched a subsequent offering period to acquire the remaining Class A shares. This offering period will expire on November 20. Kudelski has warned shareholders that do not tender that they risk holding an illiquid stock. The Swiss company plans to delist OpenTV from the NASDAQ stock exchange and suspend public reporting obligations at the appropriate time.