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Arcadia Capital Advisors, Open Letter Opentv

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   Arcadia Capital Advisors, LLC Issues Open Letter to OpenTV Shareholders
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   © Business Wire 2009
   
   2009-10-30 16:25:06 -
   
   Arcadia Capital Advisors, LLC (“Arcadia”) filed with the U.S.
   
   Securities and Exchange Commission a Schedule 14D-9 which recommends shareholders of OpenTV Corp. (NASDAQ: OPTV) (“OpenTV”) not tender their shares pursuant to Kudelski Group’s (“Kudelski”) Tender Offer made on October 5, 2009 to acquire all outstanding Class A shares of OpenTV Corp. for $1.55 (“Tender Offer”).
   
   As disclosed in the filing,
   
   
   Arcadia issued an Open Letter to OpenTV Shareholders in response to Kudelski’s Tender Offer and the Board of OpenTV’s neutral response on October 20, 2009 to the Tender Offer. The text of the letter is available at www.sec.gov : .
   
   The letter outlined the following reasons the Tender Offer fails to properly reflect the value of the OpenTV asset and why shareholders should demand a higher price:
   
   (1) Intrinsic value of OpenTV shares is substantially higher,
   
   (2) Kudelski’s offer doesn’t account for synergies and foreign exchange benefits,
   
   (3) Kudelski has an overly negative view of OpenTV’s business,
   
   (4) Timing of the Tender Offer is unusual and leads to information asymmetry,
   
   (5) Kudelski faces a significant hurdle in a minority squeeze out and delisting strategy, and
   
   (6) Tender Offer financing provides insights into Kudelski’s ultimate plans to acquire all of OpenTV stock within the financing limitations of its credit facility.
   
   Furthermore, the letter stated that Kudelski’s Tender Offer is a second attempt in a multi-step process to acquire OpenTV on the cheap. Arcadia believes that Kudelski’s past actions and credit facility indicate Kudelski’s commitment to own 100% of OpenTV in the near future.
   
   “Arcadia decided to publicly release our letter to all shareholders because we believe that Kudelski’s Tender Offer is coercive and has created unfounded fears about Kudelski’s ultimate plans to de-list OpenTV’s stock or not complete the full acquisition of OpenTV in a timely manner or at a fair price,” said Arcadia’s Managing Director Richard Rofé. “We have decided to not tender our shares and believe Kudelski faces a significant hurdle to reach the necessary shares to effectuate a squeeze out. We believe Kudelski will ultimately return with one or more higher offers and we will see more value over the next few months.”
   
   About Arcadia Capital Advisors: Arcadia Capital Advisors, LLC is a private investment firm based in New York. Arcadia Capital Advisors, LLC employs a value-oriented investment philosophy in the management of long/short equity hedge funds.
   
   For more information please contact:
   
   Kelly Sinclair
   
   Arcadia Capital Advisors, LLC