The Delaware Supreme Court overturned a lower court order...
The Delaware Supreme Court overturned a lower court order that had halted Activision Blizzard’s $8.2 billion plan to reduce Vivendi’s stake in the game company from 61 percent to 12 percent, clearing the way for the deal to close, BMO…
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Capital Markets analyst Edward Williams said Thursday. It was a unanimous decision by the court’s five justices, he said. Douglas Hayes filed a lawsuit in Delaware Chancery Court last month, saying he was an Activision shareholder and claiming breach of fiduciary duties in the planned stock sale (CED Sept 13 p10). Activision violated provisions of its certificate of incorporation by failing to submit the stock purchase agreement dated July 25 for stockholder approval, and board members breached their fiduciary duties by approving the deal, the plaintiff claimed. Delaware Chancery Court issued an order at a hearing last month that “precludes the consummation of the transactions unless” that order is “modified on appeal” or the deal is approved by an Activision Blizzard stockholder vote, Vivendi said then (CED Sept 20 p8). The Delaware Supreme Court lifted the preliminary injunction, “enabling the parties to move forward with the completion of the transactions,” Activision said Thursday in a news release. Activision expects to complete the transactions by Tuesday, it said.