OpenTV’s board of directors has rejected the bid by Kudelski SA to acquire it as “inadequate.” Kudelski, which owns a 26.7 per cent stake and holds 74.7 per cent of the voting rights in OpenTV, in February offered to buy the rest of OpenTV’s share at $1.35 per share in cash. Stock closed at $1.74 earlier this week.

OpenTV said the offer was “not in the best interests of the company and its stockholders.” Switzerland-based Kudelski owns Nagravision.

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