Activision Blizzard shareholders vote in favor of Microsoft acquisition

Activision Blizzard stockholders voted overwhelmingly in favor of Microsoft’s proposed $69BN acquisition of the publisher, with 98% of the shares approving the transaction.

However, there is still some way to go till the deal is finalised; While Activision Blizzard stockholders — and, earlier in the week, board members — have now outgrown the deal, it is still subject to regulatory scrutiny. review Worldwide, by the likes of the Federal Trade Commission in the US, to determine whether a deal constitutes unfair competition.

Should the deal make it through regulatory review The acquisition has until June 2023 to close, after which Microsoft will welcome some of the industry’s most recognizable franchises, including Call of Duty, Warcraft, Overwatch and mobile hit candy Crush included.

However, as reported by Bloomberg today, uncertainty still remains as to whether the deal will be allowed to go through, leading some Wall Street investors to believe the Biden administration’s antitrust investigators could block the acquisition. Will give or delay — a belief that is reflected in Activision Blizzard’s current share price. , is trading for 23% less than Microsoft’s offer of $95.

Still, with Microsoft’s acquisition proposal now approved by Activision Blizzard shareholders, another hurdle has been cleared. In response to the news, Activision CEO Bobby Kotick said, “Today’s overwhelming support vote by our shareholders reaffirms our shared belief that, along with Microsoft, we are in an even better position to create great value for our players.” , even more opportunities for our employees, and to continue our focus on becoming an inspiring example of a welcoming, respectful and inclusive workplace”.

Microsoft’s acquisition of Activision comes at a troubled time for the Call of Duty publisher, which has been embroiled in controversy after last year’s shocking allegations it promoted a company culture where sexual harassment, assault and inappropriate behavior flourished. could.

Activision Blizzard was described as a “breeding ground for harassment and discrimination against women” in a lawsuit filed in the state of California last July, and CEO Bobby Kotick later became the center of a damning report, claiming was made that they were aware of sexual misconduct within the company. years”.

Recently, the parents of a former Activision Blizzard employee who committed suicide during a company retreat in 2017 sued the publisher for wrongful death, alleging it was an act of suicide. Was the result of sexual harassment by associates.

Events took another dramatic turn earlier this month when the governor of California was accused of interfering in supporting Activision Blizzard in the state’s discrimination and harassment lawsuit, setting off the publisher’s woes.

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