OpenTV - Interactive digital TV (OPTV)

[analystslie]

Apparently nobody took me serious on OPTV. What a dead board



(RTTNews) - Thursday, OpenTV Corp. (OPTV) said that Kudelski Group has signed a stock purchase agreement with Liberty Media Corp. (LINTA, LCAPA) to acquire voting control of OpenTV. Kudelski Group would acquire 6,533,951 Class A ordinary shares and 30,206,154 Class B ordinary shares of OpenTV from Liberty for a purchase price of $3.60 per share, with an aggregate purchase price of $132.26 million.


The shares to be acquired collectively represent about 26.7% of the economic interest and 74.7% of the voting interest of OpenTV's ordinary shares outstanding as of September 30, 2006. The closing of the deal is subject to certain conditions, including receipt of requisite regulatory approvals. It is anticipated that the transaction will close by the first quarter of 2007.


As part of the transaction, Liberty is expected to pay OpenTV up to $19.7 million or $0.14 per share, consistent with an existing agreement between Liberty and OpenTV signed in February, 2006, under which Liberty agreed to allocate its premium in this manner. OpenTV was not a direct party to the purchase agreement between Liberty and the Kudelski Group. OpenTV will receive $5.4 million of this amount at closing, with the remainder to be paid after an applicable indemnity period.


Upon closing of the deal, the Kudelski Group expects to appoint Alan Guggenheim, currently CEO of NagraStar, a joint venture between the Kudelski Group and EchoStar, as Chief Executive Officer of OpenTV.


Upon closing, the Kudelski Group will consolidate the results of OpenTV.


Copyright(c) 2006 RealTimeTraders.com, Inc. All Rights Reserved