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SECURITIES AND EXCHANGE COMMISSION
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Washington, DC 20549
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SCHEDULE 13D/A
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Under the Securities Exchange Act
of 1934
(Amendment No. 9)*
(Name of Issuer)
Class
A ordinary shares of no par value
(Title of Class of
Securities)
(CUSIP Number)
Lucien
Gani
General
Counsel, Head of Legal Affairs
Kudelski
SA
22-24,
Route de Genève
Case
Postale 134
1033
Cheseaux, Switzerland
Tel: 41 21 732 01 01
(Name, Address and
Telephone Number of Person
Authorized to Receive Notices and Communications)
(Date of Event Which
Requires Filing of this Statement)
If the filing person has previously filed a statement
on Schedule 13G to report the acquisition that is the subject of this Schedule
13D, and is filing this schedule because of §§240.13d-1(e), 240.13d-1(f) or
240.13d-1(g), check the following box.
o
Note
: Schedules filed in paper format shall include a signed original and
five copies of the schedule, including all exhibits. See Rule 13d-7 for other
parties to whom copies are to be sent.
* The
remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities,
and for any subsequent amendment containing information which would alter
disclosures provided in a prior cover page.
The information required on the remainder of this
cover page shall not be deemed to be filed for the purpose of Section 18 of
the Securities Exchange Act of 1934 (Act) or otherwise subject to the
liabilities of that section of the Act but shall be subject to all other
provisions of the Act (however, see the Notes).
CUSIP No.
G67543101
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1.
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Name of Reporting Persons
Kudelski SA
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2.
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Check the Appropriate Box
if a Member of a Group (See Instructions)
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(a)
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o
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(b)
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x
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3.
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SEC Use Only
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4.
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Source of Funds (See
Instructions)
AF, SC, WC, BK, OO
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5.
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Check if Disclosure of Legal Proceedings Is
Required Pursuant to Items 2(d) or 2(e)
o
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6.
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Citizenship or Place of Organization
Switzerland
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Number of
Shares
Beneficially
Owned by
Each
Reporting
Person With
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7.
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Sole Voting Power
0
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8.
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Shared Voting Power
122,311,151(1)
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9.
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Sole Dispositive Power
0
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10.
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Shared Dispositive Power
122,311,151(1)
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11.
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Aggregate Amount
Beneficially Owned by Each Reporting Person
122,311,151(1)
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12.
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Check if the Aggregate
Amount in Row (11) Excludes Certain Shares (See Instructions)
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13.
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Percent of Class Represented
by Amount in Row 11
88.5%(2)
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14.
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Type of Reporting Person
(See Instructions)
CO
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2
CUSIP No.
G67543101
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1.
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Name of Reporting Persons
André Kudelski
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2.
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Check the Appropriate Box
if a Member of a Group (See Instructions)
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(a)
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o
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(b)
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x
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3.
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SEC Use Only
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4.
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Source of Funds (See
Instructions)
OO
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5.
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Check if Disclosure of Legal Proceedings Is
Required Pursuant to Items 2(d) or 2(e)
o
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6.
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Citizenship or Place of Organization
Switzerland
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Number of
Shares
Beneficially
Owned by
Each
Reporting
Person With
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7.
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Sole Voting Power
100,000
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8.
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Shared Voting Power
122,311,151(1)
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9.
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Sole Dispositive Power
100,000
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10.
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Shared Dispositive Power
122,311,151(1)
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11.
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Aggregate Amount
Beneficially Owned by Each Reporting Person
122,411,151(1)
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12.
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Check if the Aggregate
Amount in Row (11) Excludes Certain Shares (See Instructions)
o
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13.
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Percent of Class
Represented by Amount in Row 11
88.6%(2)
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14.
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Type of Reporting Person
(See Instructions)
IN
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3
CUSIP No.
G67543101
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1.
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Name of Reporting Persons
Kudelski Interactive USA, Inc.
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2.
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Check the Appropriate Box
if a Member of a Group (See Instructions)
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(a)
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o
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(b)
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x
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3.
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SEC Use Only
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4.
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Source of Funds (See
Instructions)
AF, SC
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5.
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Check if Disclosure of Legal Proceedings Is
Required Pursuant to Items 2(d) or 2(e)
o
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6.
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Citizenship or Place of Organization
Delaware
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Number of
Shares
Beneficially
Owned by
Each
Reporting
Person With
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7.
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Sole Voting Power
0
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8.
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Shared Voting Power
30,206,154(3)
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9.
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Sole Dispositive Power
0
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10.
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Shared Dispositive Power
30,206,154(3)
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11.
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Aggregate Amount
Beneficially Owned by Each Reporting Person
30,206,154(3)
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12.
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Check if the Aggregate
Amount in Row (11) Excludes Certain Shares (See Instructions)
o
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13.
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Percent of Class Represented
by Amount in Row 11
21.9%(4)
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14.
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Type of Reporting Person
(See Instructions)
CO
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4
CUSIP No.
G67543101
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1.
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Name of Reporting Persons
Kudelski Interactive Cayman, Ltd.
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2.
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Check the Appropriate Box
if a Member of a Group (See Instructions)
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(a)
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o
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(b)
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x
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3.
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SEC Use Only
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4.
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Source of Funds (See
Instructions)
AF, SC, WC, BK, OO
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5.
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Check if Disclosure of Legal Proceedings Is
Required Pursuant to Items 2(d) or 2(e)
o
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6.
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Citizenship or Place of Organization
Cayman Islands
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Number of
Shares
Beneficially
Owned by
Each
Reporting
Person With
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7.
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Sole Voting Power
0
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8.
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Shared Voting Power
84,202,800
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9.
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Sole Dispositive Power
0
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10.
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Shared Dispositive Power
84,202,800
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11.
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Aggregate Amount
Beneficially Owned by Each Reporting Person
84,202,800
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12.
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Check if the Aggregate
Amount in Row (11) Excludes Certain Shares (See Instructions)
o
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13.
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Percent of Class Represented
by Amount in Row 11
78.0%(5)
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14.
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Type of Reporting Person
(See Instructions)
CO
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5
(1)
Includes 7,902,197 Class A ordinary shares of the
Issuer held by Kudelski SA, 84,202,800 Class A ordinary shares of the
Issuer held of record by Kudelski Interactive Cayman, Ltd. (Kudelski Cayman),
an indirect wholly owned subsidiary of Kudelski SA, and 30,206,154 Class A
ordinary shares of the Issuer issuable upon conversion of the same number of Class B
ordinary shares of the Issuer held of record by Kudelski Interactive USA, Inc.
(Kudelski US), an indirect wholly owned subsidiary of Kudelski SA. André Kudelski controls a majority of the
voting securities of Kudelski SA.
(2)
Calculated in accordance with Rule 13d-3
promulgated under the Securities Exchange Act of 1934 (the Act), based upon
107,986,419 Class A ordinary shares of the Issuer and 30,206,154 Class B
ordinary shares of the Issuer issued and outstanding as of December 31,
2009 (as reported by the Issuer to the Reporting Persons). Assumes the
conversion of 30,206,154 Class B ordinary shares of the Issuer held of
record by Kudelski US into the same number of Class A ordinary shares of
the Issuer. Because the Issuers Class B
ordinary shares are entitled to ten votes per share on matters submitted to
shareholders of the Issuer, the Class A ordinary shares and Class B
ordinary shares beneficially owned by the Reporting Person constitute
approximately 96.1% of the voting power of the outstanding ordinary shares of
the Issuer.
(3)
Includes 30,206,154 Class A ordinary shares of
the Issuer issuable upon conversion of the same number of Class B ordinary
shares of the Issuer held of record by Kudelski US.
(4)
Calculated in accordance with Rule 13d-3
promulgated under the Act, based upon 107,986,419 Class A ordinary shares
of the Issuer and 30,206,154 Class B ordinary shares of the Issuer issued
and outstanding as of December 31, 2009 (as reported by the Issuer to the
Reporting Persons). Assumes the conversion of 30,206,154 Class B ordinary
shares of the Issuer held of record by Kudelski US into the same number of
Class A ordinary shares of the Issuer. Because the Issuers Class B
ordinary shares are entitled to ten votes per share on matters submitted to
shareholders of the Issuer, the Class B ordinary shares beneficially owned
by the Reporting Person constitute approximately 73.7% of the voting power of
the outstanding ordinary shares of the Issuer.
(5)
Calculated in accordance with Rule 13d-3
promulgated under the Act, based upon 107,986,419 Class A ordinary shares
of the Issuer and 30,206,154 Class B ordinary shares of the Issuer issued
and outstanding as of December 31, 2009 (as reported by the Issuer to the
Reporting Persons).
6
This Amendment No. 9 (this Amendment No. 9)
relates to and amends the statement on Schedule 13D filed by Kudelski SA,
a public limited company organized under the laws of Switzerland, Kudelski
Interactive USA, Inc., a Delaware corporation and an indirect wholly owned
subsidiary of Kudelski SA (Kudelski US), Kudelski Interactive Cayman, Ltd.,
an exempt company organized under the laws of the Cayman Islands and an
indirect wholly owned subsidiary of Kudelski SA (Kudelski Cayman), and André
Kudelski, a Swiss citizen (collectively, the Reporting Persons), as such
statement on Schedule 13D has been amended through the date hereof (the Statement),
with respect to the Class A ordinary shares of no par value (Shares) of
OpenTV Corp., a company incorporated and registered under the laws of the
British Virgin Islands (the Issuer).
This Amendment No. 9 also relates to the Shares issuable upon
conversion of Class B ordinary shares of the Issuer.
This Amendment No. 9 is being filed to
report the intention of Kudelski SA, Kudelski US and Kudelski Cayman
(collectively, the Kudelski Entities) to give a written instruction (the Written
Instruction) to the Issuer directing it to redeem the outstanding Shares held
by shareholders other than the Kudelski Entities (the Redemption).
This Amendment No. 9 reports a decrease
of 8,300 Shares to the number of Shares previously reported as validly tendered
in the Offer (as defined in Amendment No. 5 to the Statement) and in the
Subsequent Offering Period (as defined in Amendment No. 7 to the
Statement) and accepted for payment as of the expiration of the Subsequent
Offering Period. Amendment No. 8 to
the Statement reported, based on information provided by Computershare Trust
Company, N.A., the Depositary for the Offer, that 77,677,149 Shares were
validly tendered in the Offer and in the Subsequent Offering Period and
accepted for payment as of the expiration of the Subsequent Offering
Period. As set forth herein, and based
on additional information provided by the Depositary for the Offer, 77,668,849
Shares, rather than 77,677,149 Shares, were validly tendered in the Offer and
in the Subsequent Offering Period and accepted for payment as of the expiration
of the Subsequent Offering Period.
Items 3, 4, 5, and 7 of the Statement are
hereby amended and supplemented to the extent hereinafter set forth.
Item 3.
Source and
Amount of Funds.
Item 3 is hereby amended and supplemented, in pertinent part, by the
following:
The Issuer will fund payment of the price to
be paid to redeem ordinary shares in the Redemption because such payment is the
legal obligation of the Issuer. The
amount of funds required to complete the Redemption cannot be determined at
this time. The Redemption will be
carried out pursuant to and in accordance with Sections 176 and 179 of the BVI
Business Companies Act, 2004 (as amended) (the BVI Act). Under Section 176 of the BVI Act, the
Issuer is responsible for determining the price to be paid to redeem ordinary
shares in the Redemption. At such time
as the Issuer determines the per share price to be paid in the Redemption, the
Reporting Persons shall amend the Statement to reflect the amount of funds that
will be required to complete the Redemption.
Kudelski SA (collectively with its
subsidiaries, the Kudelski Group) and Kudelski Cayman used $120,386,716 to
purchase the 77,668,849 Shares validly tendered in the Offer and in the
Subsequent Offering Period and accepted for payment as of the expiration of the
Subsequent Offering Period. Kudelski SA
caused Kudelski Cayman to be provided with sufficient funds to satisfy those
obligations from (i) borrowings under the Credit Facility (as defined in
Amendment No. 5 to the Statement) and (ii) available cash held by the
Kudelski Group. The terms of the Credit
Facility are set forth in the Credit Agreement (as defined in Amendment No. 5
to the Statement) and are summarized in Amendment No. 5 to the
Statement. The Credit Agreement is
included as Exhibit 7.2 hereto and is incorporated herein by reference.
7
Item 4.
Purpose of the Transaction.
Item 4 is hereby amended and supplemented, in pertinent part, by the
following:
The purpose of the
Redemption is to cause all of the ordinary shares of the Issuer to be held
beneficially and of record by the Kudelski Entities and for the Issuer to cease
being a publicly-traded company. The
Redemption is the final step in a going private transaction that was
initiated by Kudelski Cayman when it commenced the Offer on October 5,
2009.
The Kudelski Entities currently anticipate delivering the Written
Instruction to the Issuer at such time as the Securities and Exchange
Commission has cleared the preliminary documentation filed therewith by the
Issuer and the Kudelski Entities in connection with the anticipated
commencement of the Redemption. On January 8,
2010, the Kudelski Entities delivered to the Issuer a notice of their intention
to deliver the Written Instruction. Such
notice is attached hereto as Exhibit 7.3 and is incorporated herein by
reference.
In connection with the Redemption, the Kudelski Group expects to review
the Issuer and its assets, corporate structure, capitalization, operations,
properties, policies, management, personnel and strategic alternatives to
determine what changes, if any, would be desirable following the Redemption in
order to best organize and integrate the activities of the Issuer and the
Kudelski Group. The Kudelski Group
reserves the right to make any changes that it deems necessary or appropriate
in light of its review or future developments.
Those changes may relate to the matters referred to in subparagraphs (a) through
(j) of Item 4 of Schedule 13D.
Further, following the Redemption, Kudelski SA currently expects to (a) repay
in part indebtedness incurred by Kudelski SA to finance the Offer from the
Issuers cash balances through intercompany loans, and (b) cause the
Issuer to substantially increase its investment in next-generation
solutions. The Kudelski Group is also
considering causing the Issuer to take action following the Redemption to
terminate all outstanding options and other rights to acquire Shares, which
action could involve the merger of the Issuer with or into another entity that
is a wholly-owned subsidiary of Kudelski SA.
The Redemption and the foregoing actions may consume a substantial
portion of the Issuers currently available cash resources.
The Shares are currently registered under the Securities Exchange Act
of 1934 (the Act), and listed on The NASDAQ Global Market. Following completion of the Redemption, the
Shares will cease to be listed on The NASDAQ Global Market, and the Kudelski
Entities expect to cause the Issuer to deregister the Shares under the Act and
to suspend the Issuers reporting obligations with the Securities and Exchange
Commission.
Item 5.
Interest in Securities of the
Issuer.
Item 5(a) and Item
5(b), insofar as they relate to the beneficial ownership of Shares and Class B
ordinary shares of the Issuer by the below listed entities and individuals, are
hereby amended and restated as follows:
Kudelski SA may be deemed to be the
beneficial owner of 92,104,997 Shares and 30,206,154 Class B ordinary
shares of the Issuer. The Class B ordinary shares are convertible at any
time into an equal number of Shares. Based upon 107,986,419 Shares and
30,206,154 Class B ordinary shares of the Issuer issued and outstanding as
of December 31, 2009 (as reported by the Issuer to the Reporting Persons),
and assuming the conversion of 30,206,154 Class B ordinary shares held by
Kudelski US into the same number of Shares, Kudelski SA beneficially owns
approximately 88.5% of the Shares, calculated in accordance with Rule 13d-3(d)(1) under
Section 13 of the Act. André Kudelski may also be deemed to be the
beneficial owner of the Shares and the Class B ordinary shares of the
Issuer beneficially owned by Kudelski SA through his control of a majority of
the voting securities of Kudelski SA.
Each of Kudelski SA and Mr. Kudelski may be deemed to have shared
power to (a) vote or to direct the vote of and (b) dispose of or
direct the disposition of the Shares beneficially owned by Kudelski SA. In addition, Mr. Kudelski directly owns
100,000
8
Shares pursuant to a grant under the Issuers 2005 Incentive Plan. Mr. Kudelski has the sole power to (a) vote
or to direct the vote of and (b) dispose of or direct the disposition of
such Shares.
Kudelski US is the beneficial owner of
30,206,154 Class B ordinary shares of the Issuer. The Class B
ordinary shares are convertible at any time into an equal number of
Shares. Based upon 107,986,419 Shares
and 30,206,154 Class B ordinary shares of the Issuer issued and
outstanding as of December 31, 2009 (as reported by the Issuer to the
Reporting Persons), and assuming the conversion of 30,206,154 Class B
ordinary shares held by Kudelski US into the same number of Shares, Kudelski US
beneficially owns approximately 21.9% of the Shares, calculated in accordance
with Rule 13d-3(d)(1) under Section 13 of the Act. Kudelski SA may also be deemed to be the
beneficial owner of the ordinary shares of the Issuer beneficially owned by
Kudelski US since Kudelski US is an indirect wholly owned subsidiary of
Kudelski SA. Each of Kudelski SA and
Kudelski US may be deemed to have shared power to (a) vote or to direct
the vote of and (b) dispose of or direct the disposition of the Shares
beneficially owned by Kudelski US.
Kudelski Cayman is the beneficial owner of
84,202,800 Shares. Based upon
107,986,419 Shares and 30,206,154 Class B ordinary shares of the Issuer
issued and outstanding as of December 31, 2009 (as reported by the Issuer
to the Reporting Persons), Kudelski Cayman beneficially owns approximately
78.0% of the Shares, calculated in accordance with Rule 13d-3(d)(1) under
Section 13 of the Act. Kudelski SA
may also be deemed to be the beneficial owner of the Shares beneficially owned
by Kudelski Cayman since Kudelski Cayman is an indirect wholly owned subsidiary
of Kudelski SA. Each of Kudelski SA and
Kudelski Cayman may be deemed to have shared power to (a) vote or to
direct the vote of and (b) dispose of or direct the disposition of the
Shares beneficially owned by Kudelski Cayman.
Pierre Roy has the right to buy 10,000 Shares with an
exercise price of $1.18 per Share and 10,000 Shares with an exercise price
of $2.35 per Share pursuant to director stock option grants under the Issuers
2005 Incentive Plan. Mr. Roy is the
beneficial owner of 20,000 Shares.
Mr. Roy
has the sole power to (a) vote or to direct the vote of and (b) dispose
of or direct the disposition of such Shares.
Mauro Saladini has the right to buy 10,000 Shares with
an exercise price of $1.18 per Share pursuant to a director stock option grant
under the Issuers 2005 Incentive Plan. Mr. Saladini
is the beneficial owner of 10,000 Shares.
Mr. Saladini has the sole power to (a) vote or to direct the
vote of and (b) dispose of or direct the disposition of such Shares.
Lucien Gani has the right to buy 10,000 Shares with an
exercise price of $1.18 per Share and 10,000 Shares with an exercise price of
$2.35 per Share pursuant to director stock option grants under the Issuers
2005 Incentive Plan. Mr. Gani is
the beneficial owner of 20,000 Shares.
Mr. Gani
has the sole power to (a) vote or to direct the vote of and (b) dispose
of or direct the disposition of such Shares.
Claude Smadja has the right to buy 10,000 Shares with
an exercise price of $1.18 per Share and 10,000 Shares with an exercise price
of $2.35 per Share pursuant to director stock option grants under the Issuers
2005 Incentive Plan. Mr. Smadja is
the beneficial owner of 20,000 Shares.
Mr.
Smadja
has the sole power to (a) vote
or to direct the vote of and (b) dispose of or direct the disposition of
such Shares.
Based upon 107,986,419 Shares and 30,206,154 Class B
ordinary shares of the Issuer issued and outstanding as of December 31,
2009 (as reported by the Issuer to the Reporting Persons), each of Messrs. Roy,
Saladini, Gani and Smadja beneficially owns less than 1% of the outstanding
Shares, calculated in accordance with Rule 13d-3(d)(1) under Section 13
of the Act.
9
Item 7.
Material to be Filed as Exhibits
Item 7 is hereby amended to include the
following:
Exhibit 7.1
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Joint Filing Agreement, dated February 26, 2009, among André
Kudelski, Kudelski SA, Kudelski Interactive Cayman, Ltd., and Kudelski
Interactive USA, Inc. (incorporated by reference to Exhibit 7.1 to
Amendment No. 3 to Schedule 13D filed by the Reporting Persons with the
Securities and Exchange Commission on February 27, 2009).
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Exhibit 7.2
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Credit Facility Agreement, dated as of October 3, 2009, by and
among Kudelski SA, Kudelski Interactive USA, Inc., Credit Suisse and
Banque Cantonale Vaudoise (incorporated by reference to
Exhibit (b) of the Tender Offer Statement and Rule 13e-3
Transaction Statement
filed
under cover of Schedule TO by Kudelski SA and Kudelski Interactive
Cayman, Ltd. with the Securities and Exchange Commission on October 5,
2009).
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Exhibit 7.3
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Letter from Kudelski SA, Kudelski Interactive Cayman, Ltd., and
Kudelski Interactive USA, Inc. to OpenTV Corp., dated January 8,
2010.
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Exhibit 7.4
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Power of Attorney, dated November 23, 2009, by André Kudelski
(incorporated by reference to Exhibit 7.4 to Amendment No. 8 to
Schedule 13D filed by the Reporting Persons with the Securities and Exchange
Commission on November 27, 2009).
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10
SIGNATURE
After reasonable inquiry and
to the best of my knowledge and belief, I certify that the information set
forth in this statement is true, complete and correct.
Dated: January 8, 2010
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Kudelski SA
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By:
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/s/ Lucien Gani
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Name:
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Lucien Gani
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Title:
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General Counsel and Head of Legal Affairs
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By:
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/s/ Mauro Saladini
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Name:
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Mauro Saladini
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Title:
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Executive Vice President and Chief Financial Officer
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/s/ Santino Rumasuglia
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Santino Rumasuglia, as attorney-in-fact for André Kudelski
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Kudelski Interactive Cayman, Ltd.
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By:
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/s/ Lucien Gani
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Name:
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Lucien Gani
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Title:
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Director
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By:
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/s/ Santino Rumasuglia
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Name:
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Santino Rumasuglia
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Title:
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Director
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Kudelski Interactive USA, Inc.
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By:
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/s/ Lucien Gani
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Name:
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Lucien Gani
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Title:
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President and Chief Executive Officer
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11
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