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Del. court nixes ruling delaying Activision deal

By RANDALL CHASE, Associated Press | Posted - Oct 10th, 2013 @ 11:30am



DOVER, Del. (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.
(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

RANDALL CHASE

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