OpenTV rejects Kudelski offer - San Francisco Business Times:

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A special committee of San Francisco-based ’s board of directorws rejected an unsolicited proposao by Kudelski SA to acquire all outstanding shares ofthe company’ s Class A ordinary stock not ownecd by Kudelski or its affiliatesa for $1.35 per share. Using language typica in such situations, the committeew called the offer “inadequate and not in the best interests of the company andits stockholders,” saying it reached its conclusion “afteer careful consideration, including a thorough revies of OpenTV’s business and prospects, and other with its independent financial advisor, OpenTV sells television set-topo box software.
OpenTV reported a net profit in 2008 for the firsft time since its start in1994 $9.6 million on revenue of nearlyg $117 million. Last the company reported that for the quarter endedd March 31 revenueswere $29.4 million, compared with $33.8 millioj for the first quarter of 2008. Net incomr for the first quarterwas $1.2 compared with $6.3 million for the firstg quarter of 2008.