DOVER, Del. (AP) — The Delaware Supreme Court is weighing whether to overturn a judge's ruling that delayed the $8.2 billion sale of Vivendi's majority stake in Activision Blizzard Inc. to the video game maker and an investor group.
Following arguments Thursday, Delaware's chief justice indicated that the court would issue a rare same-day decision in the case. Attorneys for Activision and Vivendi are challenging a Delaware Chancery Court judge's decision that the deal is a business combination or similar transaction that requires a vote by non-Vivendi stockholders. They argue instead that it's little more than a stock repurchase.
The proposed deal would leave Vivendi with a 12 percent stake in Activision, while the investor group led by CEO Bobby Kotick and co-chairman Brian Kelly would control about 25 percent of the company.