Activision Blizzard seeks shareholder approval for Microsoft buyout

Activision Blizzard has published a proxy filing that states that the Federal Trade Commission (FTC) requires additional information about Microsoft’s acquisition plans, and is calling on its shareholders to back the deal.The news comes via an Activision Blizzard proxy filing published on Monday — which was picked up by Wccftech (thanks, VGC) — that states that “Activision Blizzard and Microsoft each received a request for additional information and documentary material” from the Federal Trade Commission (FTC). The request is a natural part of the approval process and doesn’t mean that the FTC is looking to block the deal in any way.Activision Blizzard is calling on its shareholders to back Microsoft’s acquisition plans during a special meeting on April 28th, which requires the majority of shareholders to vote in favour of the deal, otherwise, the acquisition cannot be completed. Those who don’t vote will automatically be counted as ‘against it,’ so it’s extremely important that the company can get the shareholders to take part. Wccftech also notes in its report, that higher share prices during the deal have been offered. If Microsoft’s acquisition is approved, shareholders will receive $95 in cash without interest for each share of Activision Blizzard’s common stock — current shares are sitting at around $78.84. Microsoft recently committed to releasing Call of Duty on PlayStation “beyond the existing agreement,” which could put the company on solid footing during the FTC’s unfair competition investigation. April 28th will be a crucial day for both Microsoft and Activision Blizzard if they hope to have the deal completed by Microsoft’s fiscal year 2023, if not at all. If the companies can get regulatory approval and shareholder backing, Microsoft stands to gain ownership of franchises like Call of Duty, Warcraft, Overwatch, Crash Bandicoot, and more. Which franchise are you most looking forward to welcoming into the Xbox family? Let us know down in the comments!



Source link