98% of Activision Blizzard shareholders voted to approve the Microsoft acquisition.
As first reported yesterday evening by GamesIndustry.biz, an overwhelming number of the publisher's shareholders have voted to proceed with the buyout. The transaction is expected to close on June 30, 2023, and there's now no doubt it has the full support of Activision Blizzard's shareholders.
"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, even greater opportunities for our employees, and to continue our focus on becoming an inspiring example of a welcoming, respectful, and inclusive workplace," said Activision Blizzard CEO Bobby Kotick.
It appears any doubts about the acquisition have been completely washed away by Activision Blizzard's shareholders. Back in March, the US Department of Justice and Securities and Exchange Commission announced it was investigating three men over potential insider trading surrounding the Activision Blizzard buyout. The three men purchased a collective $100 million in Activision stock for $40 per share, notably less than its then $63 price.
Just four days later, Microsoft announced its purchase of Activision Blizzard at $95 a share, more than doubling the investments of the three men. Elsewhere, the FTC announced in February that it would undertake a review of Microsoft's proposed acquisition, in a break from tradition. Typically, the Justice Department would review buyouts for potential monopolies, but this time the FTC is undertaking the review entirely by itself. Just like the insider trading investigation though, we've heard nothing of the review since it was announced.
Microsoft has said it "won't stand in the way" of any Activision Blizzard union after the acquisition is complete.
