[Satellite Today 06-12-09] Discovery Group, the largest independent shareholder of OpenTV, proposed June 9 that OpenTV offer to repurchase Kudelski Group’s stake following Kudelski Group’s failed attempt to take full ownership of OpenTV.
Kudelski Group has been trying to seize total control of OpenTV but had a bid to buy all of its shares turned down by an OpenTV special committee June 4. The Kudelski Group acquired a controlling ownership interest in OpenTV in 2006.
Discovery said the acquisition would not serve the best interests of OpenTV’s U.S. shareholders, which hold a majority economic stake of 68 percent, and suggested that a better alternative would be for OpenTV to use about half its available cash to buy-out Kudelski Group’s 32 percent stake for about $60 million.
 “Our proposal would alleviate the multiple conflicts of interest that have haunted OpenTV since Kudelski became involved with the company,” Dan Donoghue, managing partner at Discovery Group, said in a statement.
Kudelski Group said June 11 that that it is not interested in selling its shares of OpenTV.