After a several week court case dealing with objections to the deal, video game publisher/developer Activision Blizzard has now completed its separation from Vivendi SA.
Despite long plans and many millions of dollars put into buying shares to achieve the separation, the plan by the heads of Activision and Vivendi was put on hold following objections by shareholders. The specific shareholder in question, Douglas Hayes, opposed the lack of any option to vote upon the decision and as it would make those directing the companies involved “unjustly rich”. Despite this, the Delaware Supreme Court has ruled in favour of the exchange and the separation has now been completed.
As expected, Vivendi SA has dropped to having an approximately twelve percent stake in the company. Over one hundred million shares under its control were transferred to an investment group headed by Activision’s CEO Bobby Kotick, giving them an approximately twenty-five percent majority ownership of the company.
Following this Kotick made an announcement in which he declared the move to be a “new chapter in the history of Activision Blizzard”. Further stating that “Our audiences and our incredibly talented employees around the world will benefit from a focused commitment to the creation of great games.” and “Our shareholders and debt holders will have the benefit of an energized, invested, deeply committed management team focused on generating long-term, superior returns, and effectively managing our capital structure.”
Even with more control over its direction it is currently known what, if any, major changes this shift in power within Activision will bring about.
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