US court delays $8.2B Vivendi-Activision deal

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by Associated Press

Associated Press

Posted on September 18, 2013 at 8:05 PM

Updated Thursday, Sep 19 at 8:04 AM

LOS ANGELES (AP) — A U.S. court has delayed the $8.2 billion sale of Vivendi's stake in Activision Blizzard Inc. back to the video game maker and an investor group led by CEO Bobby Kotick and co-chairman Brian Kelly.

Activision said Wednesday that the Delaware Court of Chancery said the deal required a vote by non-Vivendi stockholders.

Vivendi SA, a French media conglomerate, and Activision say they intend to proceed with the transaction.

In July, Vivendi announced it would sell most of its majority stake in Activision, the maker of "World of Warcraft" and "Call of Duty." Activision itself would buy $5.83 billion worth of shares at $13.60 apiece while the investor group would purchase another $2.34 billion worth.

Shares of Santa Monica, Calif.-based Activision fell 3 percent to $17.15 in after-hours trading.

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