Printed from http://www.electronista.com

Vivendi deal freeing Activision Blizzard stopped by Delaware court

updated 11:57 pm EDT, Wed September 18, 2013

Deal worth well over $8 billion dollars put on hold by shareholder suit

The Delaware Chancery court has issued a ruling on a lawsuit, putting the pending sale of Vivendi's portion of Activision Blizzard back to its founders on hold. Activision is seeking to buy back 429 million shares of itself from Vivendi for $5.83 billion, with chief executive Bobby Kotick and chairman Brian Kelley will each purchase about 172 million shares of Activision stock.

A shareholder sued Activision Blizzard and Vivendi, claiming that the deal should not be finalized, and it was not voted on by the Activision shareholders, excluding the majority owners. The court granted a temporary injunction on the deal, unless the judge reconsiders or the transaction is approved by a shareholder vote.

"Activision Blizzard remains committed to the transaction and is exploring the steps it will take to complete the transaction as expeditiously as possible," the publisher said in a statement. Other than blocking the deal, it is uncertain what the shareholder is attempting to accomplish in filing the suit.



By Electronista Staff
toggle

Comments

Login Here

Not a member of the MacNN forums? Register now for free.

toggle

Network Headlines

toggle

Most Popular

Sponsor

Recent Reviews

Patriot Supersonic Rage XT 128GB USB drive

USB thumb drives are getting larger by the day, their growth speeding along with the availability and expansion of memory chips. But h ...

Crucial MX100 256GB SATA-3 SSD

While the price-per-gigabyte ratio for magnetic platter-based hard drives can't be beat, the speed that a SSD brings to the table for ...

Narrative Clip

With the advent of social media technology, people have been searching for new ways to share the events of their daily lives -- be it ...

Sponsor

toggle

Most Commented

 
toggle

Popular News