The Special Committee formed by OpenTV to assess Kudelski’s offer to buy the middleware and advertising solutions company has rejected the proposal.
In a statement OpenTV said the Special Committee had reached its conclusion after careful consideration and with the advice of its independent financial advisor, UBS Securities. It described the offer as “inadequate and not in the best interests of the Company and its stockholders”.
The Swiss conditional access provider has held voting control of the San Francisco middleware and advertising solutions company since November 2006. In addition to 74.7% of voting shares it also holds a 26.7% equity stake.
Kudelski made its $1.35 per share offer, worth $127 million (€99.63m), in February 2009. Subsequently from February’s low of $1 the share price has risen to $1.74 at Tuesday’s close of business.
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