Google Inc. (NASDAQ: GOOG) said Thursday that the Internet conglomerate has increased its offer price for On2 Technologies Inc. in its takeover bid for the software company, according to Associated Press.
The new offer increases the value of the deal to roughly $132 million, up from $106.5 million.
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Google reached an agreement to acquire the company in August, but On2 shareholders have rejected the deal at the given price.
Last month, the companies disclosed that they had failed to collect enough shareholder support to close the acquisition.
On Thursday, Google said it will give On2 stockholders an extra 15 cents in cash for every On2 share they hold in addition to 0.001 Google share, or about 60 cents worth of its stock, based on the closing price Wednesday.
If the deal goes through, Google will utilize On2’s video compression technology to cut costs for Google’s wildly popular YouTube video site.
In afternoon trading, On2 shares rose 15.4 cents, or 26 percent, to 74.4 cents, while Google shares fell $9.96 to $598.30.
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