On2 Technologies Inc. (ONT) said that its stockholders voted to adjourn its special meeting of stockholders to provide additional time to solicit proxies on the merger proposal with Google Inc. (GOOG).
The special meeting will be reconvened on December 23 from the previous date of December 18.
As of December 18, a majority of On2's outstanding shares of common stock have been voted in favor of the merger proposal and the adjournment proposal. However, approval of the merger proposal requires the affirmative vote of a majority of the outstanding shares of On2's common stock, as opposed to just a majority of those shares voted.
Under the deal, On2 would merge with a wholly owned subsidiary of Google. The exchange ratio, or the fraction of a share of Google class A common stock to be issued for each share of On2 common stock in connection with Google's proposed acquisition of On2, will be 0.0010.
For comments and feedback: editorial@rttnews.com