OpenTV Closes on Static 2358
OpenTV Corp. said it closed its acquisition of Static 2358 Holdings Ltd., a
closely held interactive-television company based in the United Kingdom, for
about $13.1 million in cash and 2,719,048 OpenTV shares.
Based on the price of OpenTV's shares in midday trading Tuesday, the deal is
worth roughly $49.8 million in combined cash and stock.
OpenTV said about $1.1 million will be handed out to 'certain senior Static
personnel' who will be terminated, but the company was not more specific.
Under other deal provisions tied to undisclosed performance criteria from
Sept. 30, 2000, through the end of 2001, principal Static shareholders could get
another 626,872 OpenTV shares and $3.7 million in cash.
Static makes TV-centric games for OpenTV set-top-box software competitors
such as Liberate Technologies, Microsoft Corp. and Canal Plus S.A., and it
operates interactive-TV service PlayJam.
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