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.
Move will ditch French publisher, leave majority of shares in public hands
Videogame developer and publisher Activision Blizzard announced yesterday that is has reached an agreement for a total of $8.17 billion with French media conglomerate Vivendi, effectively buying itself out of its partnership. Activision Blizzard is contributing $5.83 billion at $13.60 per share, with Blizzard CEO Bobby Kotick and Co-Chairman Brian Kelley purchasing 172 million company shares for $2.34 billion. Following the completion of the transaction, Activision Blizzard will be an independent company again, with the majority of its shares owned by the public.