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Activision Blizzard shareholders approve Microsoft's $69 billion acquisition deal
By Arghyadeep Dutta - Apr 28, 2022, 09:20 PM ET
Last Updated - Feb 24, 2024, 05:06 AM EST
Microsoft is betting on metaverse and trying to position itself for the next generation of the internet and virtual future
• 98% of Activision shareholders approved Microsoft’s proposed deal
Videogame publisher Activision Blizzard Inc (NASDAQ: ATVI) said that its shareholders have approved the $68.7 billion acquisition proposal from Microsoft Corp (NASDAQ: MSFT) to acquire their company.
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More than 98% of the shareholders who voted at a special meeting held earlier in the day approved the proposed transaction, the Santa Monica, California-based company said in a press release.
After the announcement, Microsoft jumped over 2.5%, and shares of Activision rose more than 1%.
Microsoft in January offered to pay $95 per share to buy Activision Blizzard in the biggest-ever acquisition deal for the software giant as well as in the gaming industry in history.
At the time, the Redmond-based company said the acquisition would position Microsoft for the next generation of the internet and virtual future, as it is betting on the “metaverse,” a virtual online world where people can work, play and socialize, as many of its biggest rivals are currently working on it.
Embroiled with controversy
Activision earlier this week missed estimates for first-quarter adjusted sales due to low demand for its latest title, “Call of Duty: Vanguard”.
The game publisher is also facing backlash over its response to allegations of internal sexual harassment and discrimination against female employees and replaces President J. Allen Brack in August, after facing gender bias and sexual harassment lawsuit.
“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,” Activision Blizzard CEO Bobby Kotick said.
Picture Credit: Sky News
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