Activision Blizzard calls on shareholders to vote in favour of Microsoft deal
James Batchelor
Editor-in-Chief
Tuesday 22nd March 2022
At a glance:
The vote in which Activision Blizzard shareholders will decide whether or not to approve Microsoft's $68.7 billion acquisition will be held next month.
In an SEC filing shared with investors, the publisher said a meeting will be hosted virtually on April 28, 2022, during which shareholders will be asked to cast a non-binding, advisory vote on the deal, which announced earlier this year.
However, while the vote is described as non-binding and advisory, Activision is emphasising the importance of the vote, starting that the merger cannot be completed unless the majority of its shareholders approve.
The company adds that anyone who abstains or fails to vote will be counted as being 'against' the merger.
Unsurprisingly, the Activision board of directors states that it has unanimously decided selling to Microsoft is "advisable, fair to and in the best interests of Activision Blizzard and its stockholders."
The result of the vote is expected to be shared on Wednesday, May 4.
If the merger is approved and completed -- which is still expected to occur by June 30, 2023 -- Activision Blizzard will delist from Nasdaq and no longer be a publicly traded company.
This means shareholders will no longer own stock in the surviving business, which would be a wholly-owned subsidiary of Microsoft. However, shareholders will have the option to convert shares and will be entitled to receive $95 in cash for every Activision Blizzard share they hold.
Activision Blizzard also detailed the consequences if the merger is not completed.
The aforementioned $95 per share payment will not be made, and the company will continue to be listed and traded on Nasdaq.
However, Activision warned it expects
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