Kudelski offers further details to OpenTV shareholders

Swiss-based technology firm Kudelski will today submit additional presentation materials to the US Securities and Exchange Commission supporting its bid to acquire the remaining shares in interactive TV specialist Open TV that it does not already own. Kudelski’s tender offer of US$1.55 (€1) per share in cash commenced on October 5.

In the presentation, Kudelski claims OpenTV as a standalone company is not favorably positioned and that the offer of US$1.55 is fair as it represents a 17% premium to the October 2 closing price. “The offer provides immediate liquidity at a premium to recent trading levels ahead of a period of significant challenges for OpenTV and minority shareholders,” Kudelski notes in the presentation.

On October 20, OpenTV’s board of directors said it was remaining neutral regarding the tender offer and had recommended each shareholder make their own decision on the offer. The tender offer expires on November 6.