Activision Blizzard stockholders vote in favor of $68.7B sale to Microsoft

techcrunch.com:

At a special meeting today, Activision Blizzard stockholders approved Microsoft’s proposal to acquire the gaming company for $68.7 billion.

This all-cash transaction values the creator of games like “Call of Duty,” “World of Warcraft” and “Candy Crush” at $95 per share. But investors have worried that FTC chair Lina Khan could pull the plug on the deal due to antitrust concerns, which could explain why shares have been trading consistently lower than Microsoft’s offer. Though today’s vote is a meaningful step towards a successful deal for Activision Blizzard and Microsoft, the deal is still subject to regulatory review. The proposed transaction is expected to close before July 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,” said Activision Blizzard CEO Bobby Kotick.

He added that the deal would provide “even greater opportunities for our employees, and to continue our focus on becoming an inspiring example of a welcoming, respectful and inclusive workplace,” which is a wild statement coming from someone who runs a company facing numerous lawsuits for sexual harassment, retaliation and discriminatory workplace practices. Kotick himself has been accused of knowing for years about sexual misconduct and rape allegations at his company, but doing anything about it.

In light of these conflicts, Kotick announced a zero-tolerance policy against harassment and $250 million investment in recruiting gender diverse talent (at the time, only 23% of employees identified as women or non-binary people). But employee dissatisfaction has prevailed.

When the acquisition was announced in January,