OpenTV investor Arcadia Capital opposes Kudelski's 'coercive' offer

By Lisa Kerner

Charlotte, N.C., Oct. 30 - Arcadia Capital Advisors, LLC urged fellow OpenTV Corp. shareholders not to tender their shares in Kudelski SA's $1.55-per-share tender offer.

In a letter to shareholders, Arcadia said they should demand a higher price because the intrinsic value of OpenTV shares is substantially higher.

"Arcadia decided to publicly release our letter to all shareholders because we believe that Kudelski's tender offer is coercive and has created unfounded fears about Kudelski's ultimate plans to de-list OpenTV's stock or not complete the full acquisition of OpenTV in a timely manner or at a fair price," Arcadia managing director Richard Rofé said in a news release.

"We have decided to not tender our shares and believe Kudelski faces a significant hurdle to reach the necessary shares to effectuate a squeeze out."

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