corporate-deals
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Court puts a stop to Activision Blizzard independence
So here's a short story for the morning told over one act. First, Activision Blizzard announces that it is separating from its parent company Vivendi and going independent, which surprises many people. Then a shareholder sues the company to prevent this from happening, claiming that it's a huge waste meant to cover a power grab. As a result, the separation is now officially on hold by the order of the Delaware Chancery Court, which was probably not the result most people had expected thus far. In order for the separation to continue, either the injunction must be modified on appeal or a majority vote by non-Vivendi stockholders must come down in favor of continuing the process. Activision Blizzard's representatives restated that they were dedicated to this course of action and are exploring options to ensure it still takes place. Vivendi has been trying to divest itself of Activision Blizzard for nearly a year now in hopes of boosting its overall stock price.
