The Kudelski Group's months-long effort to acquire middleware vendor OpenTV culminated late last week with the announcement that the Swiss holding company completed its $1.55-per-share tender offer to increase its existing stake in the firm by about 60 percent. Kudelski's bid for OpenTV began last February with a $1.35-per-share offer, and stalled last summer after OpenTV rejected that price and Kudelski subsequently withdrew the offer. Kudelski came back with its new offer last month, though the revised offer still didn't please some investors, particularly Arcadia Capital Advisors, which said $1.55 was not a high enough offer.
Kudelski is also now extending its $1.55 offer for OpenTV's Class A shares until Nov. 20, after which the company will look to complete its plan to privatize OpenTV by delisting OpenTV's stock, according to reports from Multichannel News and other publications.
- Multichannel News has this report
Kudelski battled with Arcadia over price
Kudelski withdrew its initial acquisition bid last June