Activision Blizzard stockholders recently held a vote to move forward with the Microsoft acquisition which resulted in a profusely positive outcome with the majority of the stockholders agreeing on the purchase.
Once the vote was tallied over 98% shared the positive vote stating that they were in favour of the purchase. Activision Blizzard CEO Bobby Kotick had the following to say:
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“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.”
The proposed deal though is not yet able to proceed as it is still under investigation by the Federal Trade Commission (FTC) in order to determine whether the trade constitutes fair competition, owing to President Joe Biden’s antitrust enforcement policy.
Despite the positive vote for the trade, share prices for Blizzard are still trading at 25% lower than the $95 proposed price by Microsoft. If the proposed deal goes through, not only will it be one of the largest transactions in gaming history coming in at $68.7 billion but it will also give Xbox some of the world’s largest franchises such as Call of Duty, Overwatch, Warcraft, Crash Bandicoot, and more.
The deal is still ongoing despite multiple new sexual harassment lawsuits including recently where Activision Blizzard was required to settle $18 million. It’s unclear if CEO Bobby Kotick, who many of these lawsuits and the allegations behind them, will remain the lead of Activision Blizzard if the transaction does go ahead.
The proposed deal is believed to come to a close by the end of Microsoft’s fiscal year – June 30 2023 – but this will also be subject to the FTC’s approval.
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