Activision Blizzard announced that its shareholders approved Microsoft’s proposed acquisition of the company.
The vote was presented to shareholders at a special meeting of shareholders earlier today, with more than 98% voting in favor of the proposed transaction.
On January 18, 2022, Microsoft announced plans to acquire Activision Blizzard in an all-cash deal worth $95 per share. Subject to the completion of customary closing conditions and regulatory review, the proposed transaction is expected to close in Microsoft’s fiscal year ending June 30, 2023.
Currently, Activision Blizzard is trading at $76.96 a share, below the offer Microsoft made to the company.
“Today’s overwhelming vote of support from our shareholders confirms our shared belief that together with Microsoft, we will be better equipped to create great value for our players, create more opportunities for our employees, and continue to focus on being inspiring A role model. A workplace that is welcoming, respectful and inclusive,” said Activision Blizzard CEO Bobby Kotick.
The full results of the special meeting will be reported on a Form 8-K filed with the SEC early next week and certified by Activision Blizzard’s election inspectors.
Still, a Bloomberg report noted that some on Wall Street seemed to expect that U.S. President Joe Biden’s antitrust enforcers might block the merger.
The deal needs to be approved not only by the U.S., but also by other governments such as China and the European Union.
