Tuesday, On2 Technologies, Inc. (ONT) said 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 in connection with Google's proposed acquisition of On2.
The Clifton Park, New York headquartered provider of video compression technologies said that the early termination satisfies one of the conditions for completion of the proposed merger between On2 and a subsidiary of Google.
The deal also is subject to the adoption of the merger agreement by On2 stockholders at a special meeting and the satisfaction of the other closing conditions set forth in the merger agreement.
Early August, On2 Technologies and Google announced a definitive deal, wherein Google would acquire On2 in a transaction valued at about $106.5 million. As per agreement terms, each outstanding share of On2 common stock will be converted into $0.60 worth of Google class A common stock in a stock-for-stock transaction. The deal is expected to close in the fourth quarter.
On2's video compression technology powers the video in desktop and mobile applications and devices. On2 customers include Adobe, Skype, Nokia, Infineon, Sun Microsystems, Mediatek, Sony, Brightcove, and Move Networks.
ONT is currently trading at $0.58
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