Over 98% of Activision Blizzard stockholders have voted to approve Microsoft’s acquisition of the gaming company.
As reported by Business Wire, the biggest gaming deal of the year has been approved by stockholders. The deal was approved yesterday, April 28, with Microsoft still planning to acquire Activision for $95 per share in an all-cash transaction. Controversial CEO Bobby Kotick also provided a statement regarding the vote from stockholders.
“Today’s overwhelmingly supportive vote by our stockholders confirms our shared belief that, combined with Microsoft, we will be even better positioned to create great value for our players, even greater opportunities for our employees, and to continue our focus on becoming an inspiring example of a welcoming, respectful, and inclusive workplace,” said Kotick.
will it definitely go through?
But not everyone is confident the deal will go through. As reported by Bloomberg, there are some Wall Street investors that believe the Biden administration’s antitrust investigators may block or delay the acquisition. This belief is based on the fact that Microsoft’s offer is a 24% premium over Activision’s current share price.
The merger isn’t set to close until June 2023. This next step of the approval of Activision Blizzard stockholders has kept the ball rolling. Though things could still fall apart.
And while unlikely to directly affect the merger, there is still the culture issue at Activision Blizzard. Last year, the state of California filed a lawsuit against the company alleging a “frat boy” culture of sexual harassment and unequal pay. There does seem to be efforts to change the company culture. But without transparency it’s unclear how effective these changes are.
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