Vivendi Selling 41.5 Million Shares Of Activision Stock
Vivendi is cashing in again on its now-minority stake in Call of Duty publisher Activision. Last year, Activision purchased its independence from the ailing company for $8 billion. That transaction left Vivendi with 12 percent ownership, which is about to be cut in half.
The sell-off would be worth approximately $850 million to Vivendi at a share price of $20.70. This represents approximately 5.8 percent of the company’s remaining stake in Activision.
The sale is expected to conclude by May 28, and Activision will not receive any of the proceeds.
This has no financial impact on Activision except to even further reduce Vivendi’s opportunity to galvanize other shareholders to influence the publisher. This move by Vivendi further distances Activision from its former parent and, unless existing stockholders snap up these shares, should pose no threat to entrenched management.