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Latest Satellite News Discussion, Info Discovery recommends OpenTV Kudelski buyback at General Satellite News forum; Discovery recommends OpenTV Kudelski buyback By Julian Clover | June 9, 2009 OpenTVs largest independent shareholder is proposing the middleware ...

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Info Discovery recommends OpenTV Kudelski buyback
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Info Discovery recommends OpenTV Kudelski buyback - 10-June-2009, 02:20

Discovery recommends OpenTV Kudelski buyback

By Julian Clover | June 9, 2009



OpenTVs largest independent shareholder is proposing the middleware company buy back the 32% economic stake currently held by the Kudelski Group at $1.35 per share. The proposals from the Discovery Group come in a letter sent to OpenTVs Board of Directors following last weeks rejection of the Kudelski bid by a Special Committee.

Kudelski Group and Andre Kudelski do not see the inherent opportunity and value in OpenTVs business and lack confidence in OpenTVs management team and employees, wrote the letter. It goes on to describe the position of Andre Kudelski as OpenTV chairman and his companys position as controlling shareholder as a terrible state of affairs.

In what is becoming a war of words between Discovery Group and Kudelski, the organisation refers to Kudelskis riposte to the Special Committees findings as a tersely worded response. Discovery Group accuses Kudelski of eying up OpenTVs $114.2 million of cash reserves for its global business, while ignoring the wishes of the companys US shareholders, which hold 68% of the equity. It also says Kudelski has been responsible for a number of appointments to the board that lack independence.

Discovery Group had already rejected the Kudelski offer in a response dated April 2. Last week Kudelski said the Group had failed to acknowledge the contribution of Kudelski towards OpenTVs turnaround. It said the Special Committees assessment was over optimistic and that the company needed additional investment in order to meet the challenge of next generation set-top development.


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