Kudelski withdraws offer for OpenTV; questions company's viability

By Lisa Kerner

Charlotte, N.C., June 8 - Shareholder Kudelski SA said it was disappointed by OpenTV Corp.'s rejection of its proposal to acquire the company and has since withdrawn its proposal and terminated discussions with the company's special committee.

According to Kudelski, it "intends to advocate through its board representation that OpenTV substantially increase its investment in next-generation solutions, mainly organically but also potentially through acquisitions, which will require a substantial portion of OpenTV's currently available cash resources."

Kudelski doubts OpenTV's ability to continue as a stand-alone entity unless it makes such investments, according to a schedule 13D/A filed on Monday with the Securities and Exchange Commission.

As previously reported, OpenTV said Kudelski's $1.35-per-share offer was inadequate and not in the best interests of the company and its stockholders.

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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