In July of this year, Activision Blizzard announced their plans on buying back a majority stake from the media conglomerate, Vivendi. Blizzard is open about their interest in becoming an independent and publicly-traded corporation; however, they had a suit filed against them when several shareholders argued that this stock purchase would unfairly benefit the Activision CEO Bobby Kotick, leaving the rest of their shareholders out.
At an attempt to prevent Activision Blizzard from going through with their plans, they were blocked and had a vote pended from shareholders; Activision appealed the injunction with the state supreme court a few weeks ago, which resulted in today’s court judgement in favor of the publisher. Regardless of all the efforts in trying to stop them, Activision still plans on completing the stock purchase by this upcoming Tuesday.
Wedbush Securities business analysts are looking forward to it, and are expecting a spike in Blizzard share prices following the announcement.
