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Activision Vivendi injunction lifted by Delaware Supreme Court
A few weeks ago we reported on the holdup of the Activision-Blizzard buyback from Vivendi, due to court action on behalf a few stockholders. In September, an Activision stockholder sued Activision in the Delaware Cancery Court to prevent the deal from going forward. The lawsuit argued that the deal as it stood would give Activision CEO Bobby Kotick and Co-Chairman Brian Kelley too much control over the company, to the detriment of other stockholders. As of today, the Delaware Supreme Court has ruled in favor of Activision-Blizzard's appeal of the lawsuit. As a result, Activision-Blizzard looks to have the buyback completed by October 15th, 2013. The buyback will move forward as originally intended, with Activision-Blizzard as a company acquiring around 429 million shares from Vivendi, and the private investment group ASAC II LP simultaneously acquiring about 172 million shares. The total buyback is worth over US$8 billion.
Judge compares Vivendi-Activation merger to a WoW quest
The judge ruling on a dispute related to the Vivendi-Activision deal has used WoW metaphors for the actions of the litigants. William B. Chandler III, the chief judge of the Delaware Court of Chancery, showed an unusually keen grasp of the dynamics of the game -- way more than either of my parents would understand. His ruling describes, among other things, crafting, questing, battlegrounds, guilds, and even our unique linguistic habits. (My mother, for example, calls them typos.) Continuing his analysis, Judge Chandler says that the world of Mergers & Acquisitions is similar to an MMORPG where "participants take on certain roles, interact in their own community, hone specialized skills, and even develop a unique, somewhat curious vernacular." The judge concluded his denial of the injunction with the words "GAME OVER."Judge Chandler is no stranger to hipness. In previous decisions he has also made references to 50 Cent, Ray Charles, Notorious B.I.G., and Cerberus, the mythological dog that guarded the gates of the underworld. Perhaps he's trying to keep the jurors awake?
