Swiss-based technology firm Kudelski said it was ÂdisappointedÂ by the decision made by a committee set up by interactive TV specialist OpenTV to reject its offer to acquire the company.
Kudelski, which already owns a significant stake in OpenTV, made an offer worth US$127m (Â90m), or US$1.35 per share, in February. However, the Special Committee created by OpenTVÂs board rejected the offer, describing it as Âinadequate and not in the best interests of the company and its stockholdersÂ.
In response, Kudelski said it believed the rejection of its offer was against the best interests of OpenTVÂs minority shareholders, customers, partners and employees because of challenges faced by the company. It said the committeeÂs assessment relied Âexclusively on an overly optimistic and unrealistic outlook on both OpenTVÂs future business prospects and the business as a wholeÂ, adding that market trends towards next-generation set-top box software would result in a Âsignificant decrease of OpenTVÂs business volumesÂ. It said it would work Âaggressively to mitigate these risksÂ and that OpenTV should increase its investment in next-generation solutions, including through acquisitions if necessary.