OpenTV shareholder Arcadia opposed to Kudelski's revised tender offer

By Lisa Kerner

Charlotte, N.C., Nov. 11 - OpenTV Corp. shareholder Arcadia Capital Advisors, LLC urged fellow shareholders not to tender their shares in Kudelski SA's offer that ends on Thursday.

Arcadia, in a letter to shareholders, noted that RiskMetrics Group/ISS recommended against Kudelski's $1.55-per-share offer.

"Given RiskMetrics' strong recommendation and the stock's recent trading history, we believe Kudelski's offer at $1.55 will not be successful," Arcadia managing director Richard Rofé said in a news release.

"Since it appears that Kudelski has the financing capacity in place to pay a higher price and would realize significant synergies from the acquisition, we hope that Kudelski will improve its offer in the near future so that Arcadia and the rest of OpenTV shareholders can support it."

As previously reported, OpenTV's board of directors said it is remaining neutral on Kudelski's offer.

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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