Vivendi, Activision Blizzard deal held up for shareholder vote
Vivendi's $8.2 billion sale was all set to go before a shareholder filed suit requesting a vote on the matter.
Vivendi's split from Activision Blizzard might not be as simple as the company had hoped.
A Delaware court earlier this week ruled that Vivendi's $8.2 billion divestiture in Activision Blizzard could not be completed until shareholders get a chance to vote on the transaction. That means that Activision Blizzard shareholders will have a say in whether Vivendi should be allowed to leave the company with its cash in hand.
Vivendi and Activision Blizzard have entered into an agreement in which the former would sell off nearly all of its shares back to the game-maker for $5.9 billion in cash. Activision Blizzard chief Bobby Kotick would work with his investor group to pick up 172 million additional Vivendi shares for $2.3 billion. Vivendi would own 12 percent of Activision after the deal, down from 61 percent now.
The Delaware Court's ruling comes after an Activision shareholder requested that fellow shareholders have the opportunity to vote on whether the transaction should be allowed. According to the Wall Street Journal, which earlier reported on the ruling, that shareholder vote must now be held. Exactly when it will, however, is unknown at this point.