The company can now buy back Vivendi's shares without holding a shareholder vote on the matter. October 11, 2013 9:58 AM PDT Activision Blizzard has won a key ruling in its bid to buy out Vivendi's share in the game company. The Delaware Supreme Court ruled on Thursday that Activision Blizzard could commence the $5.83 billion stock-buyback program it announced earlier this year without first getting approval from shareholders. According to Bloomberg, which was first to report on the ruling, Chief Justice Myron Steele determined that a shareholder vote was not necessary, since the deal "is not a merger, business combination, or similar transaction." The total deal between Activision and Vivendi is $8.2 billion. Activision plans to use cash and debt to finance its nearly $6 billion portion of the deal. Activision CEO Bobby Kotick, along with several partners, will pay over $2.3 billion to complete the transaction and obtain approximately 25 percent ownership in the game publisher.
The company can now buy back Vivendi's shares without holding a shareholder vote on the matter.
Activision Blizzard has won a key ruling in its bid to buy out Vivendi's share in the game company.
The Delaware Supreme Court ruled on Thursday that Activision Blizzard could commence the $5.83 billion stock-buyback program it announced earlier this year without first getting approval from shareholders. According to Bloomberg, which was first to report on the ruling, Chief Justice Myron Steele determined that a shareholder vote was not necessary, since the deal "is not a merger, business combination, or similar transaction."
The total deal between Activision and Vivendi is $8.2 billion. Activision plans to use cash and debt to finance its nearly $6 billion portion of the deal. Activision CEO Bobby Kotick, along with several partners, will pay over $2.3 billion to complete the transaction and obtain approximately 25 percent ownership in the game publisher.
