OpenTV Weighing Kudelski's Takeover Bid

Offers deal worth $127 million for interactive TV firm

Filed at 3:53 p.m. EST on Feb. 27, 2009

Interactive TV developer OpenTV said Friday its board of directors will consider a non-binding proposal from Kudelski SA to acquire all of the ordinary shares of OpenTV not currently owned by Kudelski or its affiliates, in a deal that would be worth some $127 million.

In October 2006, John Malone's Liberty Group sold control of OpenTV to Switzerland-based Kudelski for about $132 million. Kudelski currently owns about 26.7% of the economic interest and 74.7% of the voting rights to OpenTV.

Kudelski on Thursday proposed to buy the rest of OpenTV's shares at $1.35 per share in cash, representing a 35% premium to OpenTV's closing share price on Feb. 26.

In mid-afternoon trading Friday, OpenTV's stock was up 18%, to about $1.18 per share.

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