Wednesday, On2 Technologies, Inc. (ONT), a provider of video compression technologies, said that it has further adjourned its special meeting of stockholders to February 17, 2010 to provide additional time to solicit proxies on the merger proposal with a wholly owned subsidiary of Google, Inc. (GOOG).
On2 believes that an adjournment until February 17, 2009 is preferable to another shorter adjournment, such as that between its December 18, 2009 and December 23, 2009 meetings.
At the December 23, 2009 meeting, a majority of On2's outstanding common stock shareholders had voted in favor of both the merger proposal and the adjournment proposal. However, approval of the merger proposal requires the affirmative vote of a majority of issued and outstanding common stock shareholders as opposed to just a majority of the shareholders voting.
At the adjourned special meeting, common stock holders will be asked to consider and vote upon the merger proposal and, if necessary, the adjournment proposal.
On2 has set the close of business on Friday, January 15, 2010 as the new record date for determining stockholders entitled to notice of and to vote at the further adjourned special meeting to be held on February 17, 2010. On2's board has recommended that On2 stockholders vote for the adoption of the merger proposal.
In light of the new record date, Google will file with the SEC a supplement to the proxy statement /prospectus, dated November 3, 2009, and will mail the same to all On2 common stock holders on January 15, 2010.
As previously announced, the exchange ratio for the proposed merger has been set at 0.0010. On2 common stock holders will receive for each share of On2 common stock held by them, the fraction of a share of Google Class A Common Stock equal to the exchange ratio of 0.0010, and/or cash in lieu of any fractional share of Google Class A Common Stock.
ONT closed Wednesday's regular trading session at $0.59, up $0.02 or 3.05%, on a volume of 2.35 million shares on the AMEX. In the after-hours, the shares lost $0.56 or 3.94%.
GOOG ended Wednesday's regular trading session at $611.68, up $10.56 or 1.76%, on a volume of 2.07 million shares on the Nasdaq. In after-market hours, the shares rose $1.06 or 0.17%.
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