Activision Blizzard shareholders approve proposed Microsoft buyout

Activision Blizzard announced that its shareholders have approved Microsoft’s proposal to acquire the company.

The vote was put to shareholders during a special meeting of shareholders held earlier today and over 98% voted in favor of the proposed transaction.

On January 18, 2022, Microsoft announced plans to acquire Activision Blizzard for $95 per share in a cash transaction. Subject to customary closing conditions and the completion of regulatory reviews, the proposed transaction is expected to close in Microsoft’s fiscal year ending June 30, 2023.

Currently, Activision Blizzard shares are trading at $76.96 per share, which is below the offer Microsoft made to the company.

“Today’s overwhelming positive vote from our shareholders reinforces our shared belief that together with Microsoft we will be even better positioned to create great value for our players and even greater opportunities for our employees, and remain focused on setting an inspiring example for to become a welcoming, respectful and inclusive workplace,” said Bobby Kotick, CEO of Activision Blizzard.

The full results of the special session are reported in a Form 8-K, which is due to be filed with the US Securities and Exchange Commission by early next week, after approval by Activision Blizzard’s Inspector of Election.

Still, a report by Bloomberg said some on Wall Street seem to expect US President Joe Biden’s antitrust authorities to potentially stop the merger.

The deal would not only have to be approved by the US, but also by other governments such as China and the European Union.

https://www.vg247.com/activision-blizzard-stockholders-approve-proposed-microsoft-buyout Activision Blizzard shareholders approve proposed Microsoft buyout

Fry Electronics Team

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