In its ongoing dance to acquire the remaining portions of OpenTV that it does not already own, Kudelski Group disputed an assertion made by OpenTV investor Arcadia Capital Advisors that a Kudelski affiliates $1.55 per share bid for OpenTV's Class A shares was not high enough. Arcadia responded negatively after Kudelski issued an open letter to OpenTV investors reminding them to act on the bid from Kudelski Interactive Cayman by Nov. 6.
Broadband TV News reports that Kudelski accused Arcadia of being opportunistic. The company's effort to acquire control of OpenTV has been met with resistance by other investors, and Kudelski withdrew an earlier bid that had been rejected several months ago before Kudelski Interactive Cayman rebooted the effort. OpenTV's shares closed at $1.54 last Friday, after having been on a run-up following Kudelski's initial bid for the firm.
Kudelski has argued that OpenTV requires at least $100 million of further investment in the coming years to be successful, and that privatizing the company would help that happen.
- Broadband TV News has this report