Google finishes $125M buy of On2 Technologies
MOUNTAIN VIEW, Calif. (AP) – Google Inc. said Friday that it finished its $124.6 million purchase of On2 Technologies Inc. after shareholders of On2 voted to approve the deal.
Google said that as per its agreement with the maker of video compression technology, outstanding On2 common shares will be converted to the right to 15 cents per share and 0.0010 of a share of Google common stock. Cash will be paid in lieu of any fractional shares, Google said.
Google also said it plans to buy back the same number of its shares that it issued through the purchase. The company will fund the buybacks with cash on hand.
When the purchase was announced in August, the companies valued the deal at about $132 million.
Google shares ended regular trading down $2.46 at $540.76.