Activision Blizzard Plans Vote if Appeal FailsTuesday, October 1, 2013
Activision Blizzard Inc. said in a regulatory filing that it would seek shareholder approval of its plan to buy back its stock from controlling shareholder Vivendi if an appeal of a court injunction fails.
The Santa Monica video-game maker on Monday filed a preliminary proxy statement with the U.S. Securities and Exchange Commission calling for a special shareholders’ meeting.
The filing did not set a date for the vote. A group led by Chief Executive Bobby Kotick announced in July that it wanted to buy out the French media conglomerate’s 61 percent stake and had Vivendi’s approval. But a Delaware Chancery Court judge ruled last month that the company must get approval from other shareholders in addition to Vivendi.
Activision’s $8.17 billion deal with Vivendi could be terminated on Oct. 15 if the two companies don’t agree on an extension, the filing said. Activision had hoped to close the sale by the end of September.
Activision shares on Tuesday closed up 22 cents, or 1 percent, to $16.90 on the Nasdaq.