The stockholders of On2, a company specializing in video compression, approved a deal late today that will make the company a wholly-owned subsidiary of Google.
Under the terms of the agreement, all On2 shareholders will be able to convert each share of stock into either 15 cents in cash or one one-thousandth of a share of Google stock, without interest. The deal is expected to be signed and officiated on Friday.
On2 has clients ranging from AOL to Nokia to Sony to XM radio. Their video compression services are used in Flash video, VoIP applications, mobile streaming, and other embedded devices. The company also developed a video codec called "Flix," which is used for Web-based video production.
Trading on the AMEX stock exchange, where On2 was traded as ONT, closed at share prices of 69 cents tonight. The deal was finalized after the end of the trading day.
Mark Raby Based in New York City, Mark follows the consumer electronics industry like a hawk. A published book author, he has a particular affinity for 3D technology and video games, and as such will surely be in the market for a new pair of glasses soon. Mark can be contacted directly at email@example.com.
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