Kudelski makes second bid for US software group
Swiss digital television technology group Kudelski has made a second bid to take full ownership of interactive software maker OpenTV.
Kudelski launched on Monday an all-cash tender offer to shareholders in the San Francisco-based company of $1.55 (SFr1.60) per share for the 108 million shares it does not already own.
The deal values OpenTV at $215 million and follows the rejection of Kudeliski’s February 2009 offer of $1.35 per share, which was viewed by OpenTV’s board as inadequate. The second offer expires on November 6.
Kudelski became OpenTV’s majority shareholder in 2007. The Vaud-based group says OpenTV is better off combined with Kudelski, which operates complementary businesses, and wants to invest in research and development in the company.
OpenTV’s software is built into 133 million digital set-top boxes and televisions worldwide.
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