Activision Blizzard Vivendi buy out halted by court
The Delaware Chancery Court has issued an injunction preventing Activision Blizzard and Vivendi from closing a deal that would see the twin publisher go independent of its French overlord.
The deal cannot go ahead until the injunction is modified, or the buyout is approved by a stockholder vote of the non-Vivendi stockholders.
In a press release, Activision Blizzard said it remains committed to the deal, and is exploring what options it has to "to complete the transaction as expeditiously as possible".
The transaction would see Activision Blizzard and a group of investors led by CEO Bobby Kotick fork out $8 billion to purchase a majority stake in the publisher, leaving Vivendi with just 12%.
The move has met with general approval from analysts but some shareholders were not happy. One is suing to prevent the deal due to "unjust enrichment", and another had the same complaint but sought an injunction.