OpenTV investor Discovery Group sells shares, cuts ownership to 4.2%

By Lisa Kerner

Charlotte, N.C., Oct. 29 - OpenTV Corp. shareholders led by Discovery Group I, LLC sold 7,342,271 shares between Oct. 23 and Oct. 28 at prices from $1.54 to $1.55 each, according to a schedule 13D/A filed with the Securities and Exchange Commission on Thursday.

The investors beneficially own 4,506,054 shares, or 4.2%, of the company's outstanding shares.

In June, Discovery Group asked OpenTV to offer to repurchase all of the company's shares owned by Kudelski SA for $1.35 each.

Discovery Group suggested OpenTV use about half of its available cash to buy out Kudelski at a cost of approximately $60 million, a prior SEC filing said.

On Oct. 21, OpenTV's board of directors announced that it is remaining neutral on Kudelski's recent offer to acquire the company for $1.55 per share.

As previously reported, the tender offer expires on Nov. 6.

Earlier in the year, OpenTV's board rejected Kudelski's $1.35-per-share bid to buy the company.

OpenTV's software enables cable, satellite, telecommunications and digital terrestrial operators to offer enhanced television experiences to their viewers. The company is based in San Francisco.

Kudelski is based in Cheseaux, Switzerland, and provides digital security and convergent media solutions for the delivery of digital and interactive content.

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