Activision Blizzard stockholders approve proposed Microsoft buyout
More than 98% of the shares voted at the Special Meeting were voted in favor of the proposed transaction.
Activision Blizzard has announced that its stockholders approved Microsoft’s proposal to acquire the company.
The vote was put to shareholders during a special meeting of Stockholders 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 an all-cash transaction. Subject to customary closing conditions and the completion of regulatory review, 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 lower than the offer Microsoft extended to the company.
“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 Bobby Kotick, CEO, Activision Blizzard.
The complete results of the special meeting will be reported in a Form 8-K to be filed with the US Securities and Exchange Commission by early next week, after certification by Activision Blizzard’s Inspector of Election.
Despite this, a report from Bloomberg states that some on Wallstreet seem to expect US President Joe Biden's antitrust enforcers to possibly stop the merger.
The deal would not only need to be approved by the US, but by other governments such as China and the European Union.