Activision’s Vivendi independence deal put on stop | PCGamesN

Activision’s Vivendi independence deal put on stop

ActiBliz

Activision Blizzard CEO Bobby Kotick is on a mission to make his company independent of parent Vivendi. Unfortunatley for him, that plan has been put on hold today as a court has ruled in favour of an opposition claim from a Vivdendi shareholder.

Kotick aims to gain a 25% hold on Activision stock through the use of an investment group headed by himself and co-chairman Brian Kelly. However their plans have met with resistance after Vivendi shareholder Douglas Hayes filed a complaint stating that the stock purchase would constitute unjust enrichment. Today the court dealing with the case ruled in favour of Hayes, putting a stop to Kotick’s plan.

Hayes is not alone in attempting to prevent Activision’s break-off, with shareholder Todd Miller filing a similar lawsuit.

In order for Activision to continue its buyout, the company must either win an appeal against Hayes’ lawsuit, or have their transaction approved by a stockholder vote of non-Vivendi shareholders.

“Activision Blizzard remains committed to the transaction and is exploring the steps it will take to complete the transaction as expeditiously as possible,” said the company in a statement.

Thanks, Develop.

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