Starburst Magazine Issue 404 - Out NowStarburst Magazine Issue 404 On Sale Now
Games News & Reviews RSS Feed Games News & Reviews RSS Feed

Gaming News: Activision Blizzard Sued by Shareholder Over Sale

Written by Callum Shephard Friday, 13 September 2013

Gaming News

Earlier this year, publisher Blizzard Activision announced its intention to separate from its French parent company of Vivendi. Negotiated and orchestrated by Blizzard’s management team and investors, the deal in question is reportedly worth $8,200,000,000 and the end result of which will result in shareholders having a controlling stake.

CEO Bobby Kotick and co-chairman Brian Kelly were responsible in purchasing a total of $2.34 billion worth of shares in order to accomplish this, with a further $100,000,000 additionally spent to help secure the split. The deal would effectively have the publisher to buy itself from its parent company and give the aforementioned heads of Blizzard overall control. In response to this, shareholder Douglas Hayes is now attempting to sue Kotick, Kelly and Vivendi SA in order to block the sale and allow non-Vivendi shareholders an opportunity to vote on the decision. Hayes stated that his reason for making such a decision was because they “usurped a corporate opportunity from the company” and as the deal would “unjustly enrich Kelly, Kotick and the other participants.”

At this point Activision has yet to publically comment upon this decision or respond to questions from industry journalists.

Should the deal manage to go through, Kotick’s investor group will gain majority of the shares with a 25% stake in the company. Vivendi meanwhile will have their stakes drop from 61% to approximately 12%. This is also following a report that the mass media company was considering selling shares to groups such as Time Warner or Microsoft among others.

Expect updates as this progresses.

Share your comments below or on Twitter @STARBURST_MAG

Find your local Starburst Magazine stockist HERE, or buy direct from us HERE. Our issues are also available as iPad editions, and can be downloaded via Apple HERE.

CLICK AGENT COULSON TO BUY OUR LATEST ISSUE!


Suggested Articles:
Silver ENnie roleplaying game Achtung! Cthulhu is set to become a movie. The game, which blends Worl
DOOM forever changed the boundaries of what a game could be and inadvertently laid down the founda
Ubisoft’s cult 2003 title BEYOND GOOD AND EVIL was, for many, a landmark video game. Not only di
Facepunch studios, who were behind the impressive survival game RUST, have announced its upcoming
scroll back to top

Add comment

Security code
Refresh

Banner
Banner
Banner
Banner