OpenTV Special Committee Rejects Kudelski's Buyout Bid

Interactive TV and advanced advertising technology provider, OpenTV, announced late Tuesday that a special committee of its board of directors has rejected an unsolicited proposal by its largest shareholder, Kudelski (note: the latter has an approximately 27% stake in the company that gives it approximately 75% voting control), to acquire all outstanding shares of OpenTV Class A ordinary stock not already owned by Kudelski. The committee determined that the price of $1.35 per share offered by Kudelski was "inadequate and not in the best interests of the Company and its stockholders," OpenTV said (note: the company's share price was $1.74 at the close of business Tuesday). According to the company, the committee reached its conclusion after a thorough review of OpenTV's "business and prospects and other factors," conducted in collaboration with its independent financial advisor, UBS Securities.