On2's shareholders - or at least a vocal subgroup of them - are not at all happy about the planned Google acquisition. Two lawsuits have been filed to stop the deal, with both complaints alleging that On2 more or less served itself on a silver platter.
Google offered to acquire On2 for 60 cents per share (or $106.5 million in all), which represented a 57 percent premium over On2's closing price the day before. However, the day after the acquisition was announced, On2 gave its best quarterly financial report in over a year, which made the deal look less sweet.
Holly Sanders Ware pulled from the Delaware lawsuit (the other complaint was filed in New York), "[D]efendants 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."And some investors are indeed very unhappy about all of this. During On2's second quarter
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