It didn’t take Activision Blizzard long to gain independence from its previous owner, Vivendi, once the court gave the go-ahead. One day later, the sale was completed.
Last week, the Delaware Supreme Court overturned an injunction that was filed by Vivendi, preventing the game publisher from purchasing its stake back from the company. Back in September, the preliminary injunction was originally filed because of a lawsuit filed by shareholder Douglas Hayes against Activision, arguing that shareholders needed to be notified in order for it to proceed. The court, however, feels that, in Activision’s favor, the sale was a stock repurchase that didn’t require the say-so of shareholders.
Because of this, the purchase of the stake by Activision Blizzard proceeded as planned on October 11, with the help of an investment group, ASAC II, headed by Activision Blizzard CEO Bobby Kotick. The sale is estimated to be worth just over $8 billion, with purchases between both Kotick and the publisher.
“While some investors may have concerns about declines for the company’s core businesses, we remain fans of Activision Blizzard. The company communicates clearly, executes well, and its management appears to truly understand how to make money,” said Wedbush Securities over the court’s decision.
Activision Blizzard is currently in the midst of the holiday game releases, with the all-ages adventure Skylanders: Swap Force out now and Call of Duty: Ghosts arriving in early November.
Source: GamesIndustry International
