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Activision Appeals Halting Of Vivendi Buyout
Activision tried to buy itself out from under Vivendi, but that got put on pause. Now Activision is trying to get the buyout unpaused.
On October 10, Activision will make its appeal before Delaware's Supreme Court in hopes of overturning its planned $8.2 billion deal to buy independence from French media conglomerate Vivendi. Delaware Court of Chancery temporarily halted the deal this Wednesday after Activision investor Douglas Hayes sued the company's board. Activision was attempting to buy itself out from under Vivendi through share purchases and an investor group led by Activision CEO Bobby Kotick.
[Source: Reuters]
Our Take
The original court order to halt Activision's buyout was bad news for the company, but maybe Activision will be able to appeal the decision and get it reversed. If it can't, Activision will be back where it started, under Vivendi's wing, and it's parent company is still looking to drain $3 billion of its capital.
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