Updated · Sep 29, 2022
Activision Blizzard Shareholders Approve Microsoft Takeover
Updated · Apr 29, 2022
The overwhelmingly favorable vote took place in a special meeting held on Thursday.
Stockholders Say Yes
Microsoft’s proposed acquisition of Activision Blizzard is now a step closer. Shareholders of the game publishing company voted to approve its takeover by Microsoft in a special meeting. Over 98% voted yes to move along with the sale.
Bobby Kotick, the company’s CEO, was pleased with the result:
“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.”
Microsoft announced in January that it reached an agreement to buy Activision Blizzard for $68.7 billion in cash. It should close within the tech giant’s fiscal year ending 2023, subject to regulatory reviews.
Since January, the proposed merger has come under scrutiny from various quarters, leading to the publisher’s shares plummeting. Allegations of sexual harassment and misconduct continue to haunt both the company and its chief executive, Kotick. These have led to employee walkouts and exits, investigations, and lawsuits.
Furthermore, FTC chair Lina Khan, an antitrust hardliner, is reportedly probing the acquisition over competition concerns.
According to reports, Kotick will leave the company after the deal closes.
Activision, a Fortune 500 company, is behind world-famous video game titles like Call of Duty, Overwatch, and World of Warcraft. Microsoft has framed the merger as a commitment to staking a presence in the metaverse.
Daniel is an Economics grad who fell in love with tech. His love for books and reading pushed him into picking up the pen - and keyboard. Also a data analyst, he's taking that leap into data science and machine learning. When not writing or studying, chances are that you'll catch him watching football or face-deep in an epic fantasy novel.
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