First Posted: 10/10/2013
(AP) The Delaware Supreme Court has overturned a judge’s ruling that delayed the $8.2 billion sale of Vivendi’s majority stake in Activision Blizzard Inc. back to the video game maker and an investor group led by CEO Bobby Kotick and co-chairman Brian Kelly.
Following arguments Thursday, Delaware’s chief justice declared in a rare same-day decision that the deal does not require the approval of Activision’s minority shareholders.
Attorneys for Activision and Vivendi challenged a Delaware Chancery Court judge’s decision that the deal is a business combination or similar transaction requiring a vote by non-Vivendi stockholders. They argued that it’s little more than a stock repurchase.
The proposed deal would leave Vivendi with a 12 percent stake in Activision, while the investor group would control about 25 percent of the company.