M&A

13 November, 2009

UPDATE 1-Kudelski completes takeover of OpenTV

* Now has voting rights of 91 pct in TV software group

* Shares rise 0.7 pct

(Adds details on takeover, background and shares)

ZURICH, Nov 13 (Reuters) - Digital TV company Kudelski (KUD.VX) said on Friday it had bought about 60 percent of the shares in OpenTV Corp (OPTV.O) it had not already owned for $1.55 a share, taking its voting rights to 91 percent.

OpenTV had a market capitalisation of $214 million at the New York close on Thursday.

Kudelski's shares were up 0.7 percent at 0822 GMT, outperforming the wider Swiss market .SSMI.

In February, Kudelski had proposed buying the remainder of OpenTV's shares for $1.35 per share, but withdrew that bid in June after a special committee set up by OpenTV's board rejected it as inadequate.

In 2007, Kudelski bought enough Class A and B shares from Liberty Media Corp (LINTA.O) to give it voting control of OpenTV. It owns about 30 million Class B common shares. [ID:nN04340666]

A spokesman for Kudelski said prior to the acquisition it had owned 13.4 percent of class A stock in OpenTV, which makes interactive television software. (Reporting by Catherine Bosley, editing by Will Waterman)

Source: http://www.reuters.com