OpenTV retains advisers, considers acquisition offer from Kudelski

By Lisa Kerner

Charlotte, N.C., March 16 - OpenTV Corp.'s special committee of its board of directors will evaluate an offer from Kudelski SA to buy the company with the assistance of UBS Securities LLC and Covington & Burling LLP, it was announced on Monday.

There can be no guarantee that an agreement will result from the evaluation or that any transaction recommended by the special committee will be completed, OpenTV said.

The special committee was formed to review the Feb. 26 proposal from Kudelski to acquire all of OpenTV's class A ordinary shares it does not currently own.

As previously reported, Kudelski, with a 32% stake in OpenTV, is prepared to offer $1.35 per share for the San Francisco-based company.

OpenTV's software enables cable, satellite, telecommunications and digital terrestrial operators to offer enhanced television experiences to their viewers.

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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