Kaltura counters rival takeover with ‘poison pill’

After receiving an offer to purchase worth $383 million from rival US video platform Panopto, Israeli video cloud platform Kaltura (Nasdaq: KLTR) has adopted a ‘poison pill’ plan to thwart the takeover attempt.

Under the limited duration stockholders plan, one preferred stock purchase right will be distributed for each share of common stock held by stockholders of record on August 22, 2022. In certain circumstances, each right will entitle stockholders to buy one one-thousandth of a share of newly-created Series A junior participating preferred stock of the company at an exercise price of $13.

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At the end of last month, Panoto reported that it had offered to purchase Kaltura shares at a 27% premium on its then closing price of $2.36.

At the same time, K1 Investment Management, which owns Panopto, reported that it had already built a 6.9% stake in Kaltura.

Kaltura provides video management systems for businesses, media organizations and universities. The company was founded in 2006 by CEO Ron Yekutiel, Dr. Michal Tsur, Dr. Shay David, and Eran Eitam.

Last month Israeli polymer 3D printing solutions developer Stratasys (Nasdaq: SSYS) adopted a similar ‘poison pill’ plan, after it was reported that another Israeli 3D printing company Nano Dimension (Nasdaq: NNDM) had built a 12.1% stake in it.

Published by Globes, Israel business news – en.globes.co.il – on August 8 2022.

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