Activision-Blizzard is now cleared to buy itself from Vivendi.
It’s been a couple of months since Activision’s announcement that the company was going to buy its way to independence from parent company Vivendi. The buyout, led by Activision CEO Bobby Kotick and a few other investors, was halted by the Delaware court in September. An angry shareholder, Douglas Hayes, filed a lawsuit against the purchase, claiming that the sale required a vote by shareholders in order for it to happen.
Today, the Delaware Supreme Court has given Activision the all-clear to proceed with the deal. The court ruled that since the purchase was a stock re-buy, a vote from the minority shareholders was not necessary.
The Activision buyout deal is expected to go down on October 15th. Activision-Blizzard will be buying up 429 million shares at $5.83 billion. The investor group led by Bobby Kotick will buy an additional 172 million shares at $2.34 billion, allowing Activision to have Vivendi’s 61% majority sharehold.