Activision Faces Lawsuit for Vivendi Merger
A small shareholder group is suing Activision for having a lesser role in its merger with Vivendi.
Last December, publishing giants Vivendi and Activision agreed to a merger [http://www.escapistmagazine.com/news/view/79490] where Vivendi would acquire a 52 percent stake in the combined Activision Blizzard. Seeing that Activision would be receiving a minority share of the new entity, the Wayne County Employees' Retirement System of Wilmington, Delaware has filed suit against Activision.
Lawyers for the Michigan-based group complained, "The merger, stock purchase and tender offer, working in concert, convey control of Activision to Vivendi but fail to offer the Activision stockholders an opportunity to realize a true control premium for their stock."
Source: Delaware Online [http://www.delawareonline.com/apps/pbcs.dll/article?AID=/20080217/BUSINESS/802170327/1003]
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A small shareholder group is suing Activision for having a lesser role in its merger with Vivendi.
Last December, publishing giants Vivendi and Activision agreed to a merger [http://www.escapistmagazine.com/news/view/79490] where Vivendi would acquire a 52 percent stake in the combined Activision Blizzard. Seeing that Activision would be receiving a minority share of the new entity, the Wayne County Employees' Retirement System of Wilmington, Delaware has filed suit against Activision.
Lawyers for the Michigan-based group complained, "The merger, stock purchase and tender offer, working in concert, convey control of Activision to Vivendi but fail to offer the Activision stockholders an opportunity to realize a true control premium for their stock."
Source: Delaware Online [http://www.delawareonline.com/apps/pbcs.dll/article?AID=/20080217/BUSINESS/802170327/1003]
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