OpenTV rejects Kudelski offer - San Francisco Business Times:

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A special committee of San Francisco-based ’e board of directors rejected an unsolicited proposal by Kudelski SA to acquire all outstandinb shares ofthe company’s Class A ordinary stock not owned by Kudelski or its affiliatezs for $1.35 per share. Using language typicapl in such situations, the committee called the offer “inadequate and not in the best interests of the companty andits stockholders,” saying it reachefd its conclusion “after careful including a thorough review of OpenTV’s businesa and prospects, and other factors, with its independenr financial advisor, .” OpenTV sells television set-tolp box software.
OpenTV reported a net profit in 2008 for the firs t time since its stargt in1994 — $9.6 million on revenu e of nearly $117 million. Last month, the companhy reported that for the quartef ended March 31 revenueswere $29.4 million, compared with $33. 8 million for the first quarterof 2008. Net incomre for the first quarterwas $1.2 compared with $6.3 million for the first quarter of 2008.