Kudelski wants to buy OpenTV

By Lisa Kerner

Charlotte, N.C., Feb. 27 - Kudelski SA said it is prepared to offer to acquire all of the class A ordinary shares of OpenTV Corp. it does not currently own for $1.35 per share.

The offer price is a 35% premium to OpenTV's closing share price of $1.00 on Thursday.

A copy of Kudelski's letter of interest was included in a schedule 13D/A filed with the Securities and Exchange Commission on Friday.

"Our proposal is not subject to any financing contingency, but our price is conditioned upon the completion of a limited amount of confirmatory due diligence which can be accomplished very quickly," Kudelski chairman and chief executive officer André Kudelski said in the letter.

OpenTV said in a statement on Friday that its board of directors will meet to consider the nonbinding proposal. The company does not plan to comment further on the matter at this time.

Kudelski has a 32% ownership interest in 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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