The Activision Blizzard buyout deal may not go down, thanks to some angry shareholders.
A few months ago, Activision Blizzard revealed that it would become independent of its parent company Vivendi via a shares buyout led by Activision-Blizzard CEO Bobby Kotick. Unfortunately, this buyout hasn't gone off without a hitch, as the Delaware Chancery Court has issued an injunction putting the sale on hold.
The Activision Blizzard buyout displeased more than one shareholder and, apparently, a flock of them have filed lawsuits to try and block the deal. Until the transaction is approved by a vote of non-Vivendi shareholders, the deal will remain blocked.
"Activision Blizzard remains committed to the transaction and is exploring the steps it will take to complete the transaction as expeditiously as possible," the company stated.
The original buyout deal clocked out at around $8.2 billion, with the company paying Vivendi $5.83 billion for the shares and an investment group, led by Kotick, pitching in another $2.34 billion.