Feeds

On2 investors bemoan 'unfair' Google buyout

Files lawsuits, claims deal was 'rigged'

Gartner critical capabilities for enterprise endpoint backup

On2 Technologies shareholders are protesting Google’s approach to buy the video software maker for $106.5m.

Investors at the company have filed separate lawsuits in New York and Delaware, reports the New York Post.

They claim the deal undervalues On2’s regular investors, while benefiting the Clifton Park, New Jersey-based outfit’s execs, board members and staff.

The Delaware suit, which was filed on 10 August, seeks class action status and a permanent injunction against the Google buyout.

Additionally it calls for an accounting of all damages caused by the defendants - On2’s board of directors and Google.

It claimed that On2’s bosses agreed to restrictive “no shop” and “standstill” provisions that lock out offers from anyone else seeking to buy the firm.

"Moreover, defendants agreed to such terms without any hard evidence that they sought a third-party buyer for On2 and no evidence that On2's directors shopped the company in order to obtain the best possible price," wrote investors Jack Miller and Pual Uy in the suit filed in Delaware Chancery Court, according to the NY Post.

Google confirmed its plans to buy the digital video compression company in an all-stock agreement on 5 August.

Mountain View said at the time that On2 shareholders would be handed 60 cents worth of Google class A common shares for each outstanding share they hold in the company.

Google and On2 could not be reached for comment at time of writing. The deal is expected to close in the fourth quarter. ®

Gartner critical capabilities for enterprise endpoint backup

More from The Register

next story
6 Obvious Reasons Why Facebook Will Ban This Article (Thank God)
Clampdown on clickbait ... and El Reg is OK with this
No, thank you. I will not code for the Caliphate
Some assignments, even the Bongster decline must
Fast And Furious 6 cammer thrown in slammer for nearly three years
Man jailed for dodgy cinema recording of Hollywood movie
Caught red-handed: UK cops, PCSOs, specials behaving badly… on social media
No Mr Fuzz, don't ask a crime victim to be your pal on Facebook
Barnes & Noble: Swallow a Samsung Nook tablet, please ... pretty please
Novelslab finally on sale with ($199 - $20) price tag
Ballmer leaves Microsoft board to spend more time with his b-balls
From Clippy to Clippers: Hi, I see you're running an NBA team now ...
Video of US journalist 'beheading' pulled from social media
Yanked footage featured British-accented attacker and US journo James Foley
Assange™: Hey world, I'M STILL HERE, ignore that Snowden guy
Press conference: ME ME ME ME ME ME ME (cont'd pg 94)
prev story

Whitepapers

Implementing global e-invoicing with guaranteed legal certainty
Explaining the role local tax compliance plays in successful supply chain management and e-business and how leading global brands are addressing this.
5 things you didn’t know about cloud backup
IT departments are embracing cloud backup, but there’s a lot you need to know before choosing a service provider. Learn all the critical things you need to know.
Why and how to choose the right cloud vendor
The benefits of cloud-based storage in your processes. Eliminate onsite, disk-based backup and archiving in favor of cloud-based data protection.
Top 8 considerations to enable and simplify mobility
In this whitepaper learn how to successfully add mobile capabilities simply and cost effectively.
High Performance for All
While HPC is not new, it has traditionally been seen as a specialist area – is it now geared up to meet more mainstream requirements?