All Posts Tagged Tag: ‘on2’
Last summer, Google announced that it would be acquiring video compression technology developer On2 Technologies. A couple weeks ago, Google announced that the acquisition had closed.
Update: Late Friday, Google announced that it closed the On2 Technologies acquisition, valued at about $124.6 million, after On2’s shareholders voted to approve the transaction.
Squeaky wheels may get a little grease, but apparently, it’s better still to be an angry and litigious shareholder. Following Google’s acquisition offer to On2 in August, On2 shareholders complained, and now, they may receive an extra $26.5 million for their trouble.
On2’s shareholders – or at least a vocal subgroup of them – are not at all happy about the planned Google acquisition. Two lawsuits have been filed to stop the deal, with both complaints alleging that On2 more or less served itself on a silver platter.
Google offered to acquire On2 for 60 cents per share (or $106.5 million in all), which represented a 57 percent premium over On2’s closing price the day before. However, the day after the acquisition was announced, On2 gave its best quarterly financial report in over a year, which made the deal look less sweet.