2 Comments

Summary:

On2, the video technology company being sold to Google (NSDQ: GOOG), wants to delay a vote on Google’s offer for the second time in as many…

On2

On2, the video technology company being sold to Google (NSDQ: GOOG), wants to delay a vote on Google’s offer for the second time in as many weeks — a sign that the company still does not have enough votes to get the deal approved. Shareholders were initially scheduled to vote on Google’s $106.5 million offer last Friday, but On2 decided to adjourn that meeting saying it wanted to give stockholders more time to vote. A new vote was scheduled for Wednesday, but the company now says the only matter up for consideration at the meeting will be whether to adjourn the meeting once again.

In the wake of Google’s offer to buy the company, shareholders sued, alleging that On2’s management had not shopped the company around to get the best price and that it was selling at a discount to what it potentially could have been sold for.

Those issues appeared to have been resolved when On2 announced a settlement in October. Judging from the repeated delays in voting (and the amount of On2 mail in my inbox) shareholder complaints do not appear to have been settled, however.

On2 says that the majority of shares that have been voted so far are in favor of the deal — but that it needs the majority of all outstanding shares to be voted in favor of the deal in order to get approval.

Both companies had initially said they expected the merger to be completed by the fourth quarter of 2009. If the deal is not completed by March 31, either party can terminate it.

You’re subscribed! If you like, you can update your settings

  1. spixleatedlifeform Wednesday, December 23, 2009

    If the retail shareholders have anything to say about the sale to Google or anyone else for that matter, it will only be after it is revealed who has been responsible for the deliberate, destructive, manipulative naked short selling and precisely timed fails to deliver–all done retroactively– directly associated with each SEC filing On2 has done with the SEC going at least back to May, 2007. Such precision could only have been done with deliberate intent to destroy the company and has already cost ONT shareholders millions of shares and many millions more in cash. There will be retribution. In spades. Those who are responsible will not be allowed to get away with what they’ve done.

    The White Paper is available for all to see at vote4on2.com and is in three parts, PDF.

    Google will be tainted by this crime if they succeed in this theft.

  2. That is misleading information. The majority of shareholders have voted AGAINST the merger. The ‘NO’ votes combined with the non-voted shares which are equivalent to ‘NO’ votes were the majority. Matt Frost saying that the majority of votes were ‘YES’ is just another example of “Tell a little truth with many lies” motto that On2 shareholders have had to deal with and are fed up with.

Comments have been disabled for this post