OpenTV moves to redeem all outstanding shares and delist from Nasdaq

San Francisco-based interactive TV middleware developer OpenTV is redeeming all of its outstanding Class A ordinary shares as its controlling shareholder Kudelski moves to take the company private.
OpenTV is offering minority shareholders US$1.55 per…

San Francisco-based interactive TV middleware developer OpenTV is redeeming all of its outstanding Class A ordinary shares as its controlling shareholder Kudelski moves to take the company private.

OpenTV is offering minority shareholders US$1.55 per share, the same price that was offered in the tender offer launched by conditional access firm Kudelski on October 5, 2009. The tender offer closed at the end of the year with Kudelski owning 96% of the voting rights in OpenTV.

OpenTV intends to complete the redemption on March 26, 2010. Once complete, OpenTV will delist from the Nasdaq and become a wholly-owned subsidiary of Kudelski.

Credit Suisse advised Kudelski for the tender offer, with Cooley Godward Kronish as its legal counsel. UBS Securities has been advising OpenTV.