On2 Technologies has provided an update regarding its proposed merger with subsidiary of Google. On2 will hold a special meeting of stockholders on December 18, 2009 to vote upon the proposed merger, which requires approval by the holders of a majority of On2’s outstanding shares of common stock.
If stockholder approval is obtained and the other conditions for the completion of the merger are satisfied, the merger should become effective within two business days of the special meeting. On2’s board of directors unanimously approved the transaction, and recommends that On2 stockholders vote for the proposed merger.
On2’s board of directors unanimously approved the transaction, and recommends that On2 stockholders vote for the proposed merger.
In early August, On2 and Google entered into a merger agreement pursuant wherein Google would acquire On2 in a transaction valued at approximately $106.5m. Under the merger agreement, each outstanding share of On2 common stock will be converted into $0.60 worth of Google Class A common stock based on an exchange ratio.
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