On2 Technologies Inc. (ONT) announced that On2 and Google Inc. (GOOG) have been granted early termination by the Federal Trade Commission and the Antitrust Division of the Department of Justice of the mandatory waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, in connection with Google's proposed acquisition of On2.
In August, Google agreed to buy On2 Technologies in an all stock deal valued at about $106.5 million. Under the deal, each outstanding share of On2 common stock will be converted into $0.60 worth of Google class A common stock. The $0.60 per share represents a premium of about 57% over the closing price of On2's common stock on the last trading day immediately prior to the announcement of the transaction.
The transaction, which is subject to On2 stockholder approval, is expected to close in the fourth quarter of 2009.
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