Activision Wins Appeal, Buyback From Vivendi Final Next Week
Vice Chancellor J. Travis Laster must feel a bit silly this morning.
He’s the Delaware Chancery Court judge who ruled in favor of Hayes in Hayes v. Activision last month, hitting the breaks on Activision’s massive $8 billion buyback from Vivendi. Activision took its appeal to the Delaware Supreme Court, and, as the New York Times reports, yesterday all five justices unanimously ruled to reverse Laster’s decision, removing all obstacles to completing the deal.
I imagine Laster reading the morning papers in his chambers, finding the story, and crying out, “Come on! Not one? Not one of you could agree with me? Thanks for making me look like an a@#^&%^.”
Now Activision says the deal will be sealed by October 15. When completed, Vivendi will no longer be the majority share holder in Activision-Blizzard. It will still own roughly 12% of the company, the public 73%, and, most notably, a small private group led by CEO Bobby Kotick will control 25%.