Activision Blizzard sent out a press release announcing the approval of the acquisition by Microsoft. Although the acquisition still has major steps left, this is one of the necessary portions of the deal to ensure it closes. If the acquisition survives regulatory scrutiny, the deal is expected to close by June 30th, 2023.
Read up on the press release below, via BusinessWire:
SANTA MONICA, Calif.–(BUSINESS WIRE)–Activision Blizzard, Inc. (NASDAQ: ATVI) announced that its stockholders approved Microsoft Corporation’s (Nasdaq: MSFT) proposal to acquire Activision Blizzard at the Activision Blizzard Special Meeting of Stockholders held earlier today. More than 98% of the shares voted at the Special Meeting were voted in favor of the proposed transaction with Microsoft.
On January 18, 2022, Microsoft announced plans to acquire Activision Blizzard for $95.00 per share in an all-cash transaction. Subject to customary closing conditions and the completion of regulatory review, the proposed transaction is expected to close in Microsoft’s fiscal year ending June 30, 2023.
“Today’s overwhelmingly supportive vote by our stockholders confirms our shared belief that, combined with Microsoft, we will be even better positioned to create great value for our players, even greater opportunities for our employees, and to continue our focus on becoming an inspiring example of a welcoming, respectful, and inclusive workplace,” said Bobby Kotick, CEO, Activision Blizzard.
The complete results of the Special Meeting will be reported in a Form 8-K to be filed with the U.S. Securities and Exchange Commission by early next week, after certification by Activision Blizzard’s Inspector of Election.
Microsoft continues to grow Xbox Game Studios and the brand with major acquisitions. The recent acquisition of Bethesda allows Xbox to create more exclusive games for their platforms. Additionally, the company will rake in even more success and revenue with major games such The Elder Scrolls and Starfield. If the Activision Blizzard acquisition is fully approved, even more games will leverage the Xbox brand going forward with the Xbox Series X|S generation.
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