LOL now why are they trying to dump it...lol
("=2nd UPDATE: Kudelski Launches $167.3 Mln Cash Bid For OpenTV" published at 0620 GMT, misstated the size of the deal in the first paragraph and in the headline. The outstanding shares in the second paragraph were also misstated. The correct version follows
By Katharina Bart
Of DOW JONES NEWSWIRES
ZURICH (Dow Jones)--Kudelski SA (KUD.VX) Monday launched a $144.9 million cash bid for OpenTV Corp. (OPTV), four months after the San Francisco, CA-based digital television products firm rejected a lower bid.
The Swiss digital and analog television security and systems firm said it already owns roughly 32.3% of OpenTV's stock in Class A and B shares. The offer is for the remaining Class A shares Kudelski doesn't already own, which according to Kudelski spokesman Daniel Herrera tally nearly 94 million.
OpenTV wasn't immediately available for comment.
The bid, which isn't subject to conditions on how many Class A shares are tendered, represents a nearly 17% premium over OpenTV's closing price of $1.33 Friday.
"Kudelski believes the combination is in the best interest of OpenTV's employees, customers and partners because of Kudelski's commitment to the sustainability of the business and Kudelski's ability to invest in research and development and growth to ensure OpenTV has a strong future in the context of an intensely competitive environment," the Swiss firm said in a statement.
Kudelski, which is being advised by Credit Suisse on the acquisition, said it will finance the deal through a credit facility and available cash held.
The latest offer comes four months after Kudelski withdrew a $1.35-a-share bid for OpenTV's common stock, which was rejected by OpenTV.
Kudelski said the newest bid requires neither the approval nor the recommendation of OpenTV's board, which Kudelski said it hadn't sought.
OpenTV's board is chaired by Kudelski chairman, chief executive and major shareholder Andre Kudelski, and the Swiss firm has several representatives on the U.S. firm's board, including Kudelski Chief Financial Officer Mauro Saladini.