Activision Blizzard separation from Vivendi blocked by court order

activision blizzard separation from vivendi blocked by court order logo

Activision Blizzard’s separation from parent company Vivendi is now in danger after the Delaware Chancery Court called for a time out on the process, the company confirms. The move is connected to the ongoing Hayes v. Activision Blizzard Inc. lawsuit, which was filed several months after the buyout plans were announced in July 2013. This doesn’t mean that the buyout won’t happen, but either the injunction will need to be modified on appeal or the deal will need to be approved in a vote of non-Vivendi shareholders before it can be pushed through.

Shareholder Douglas Hayes moved to halt Activision Blizzard’s proposed stock buyout in mid-September 2013 with a lawsuit claiming that the company failed to seek approval for the deal from shareholders. The suit also targets Activision CEO Bobby Kotick and co-chairman Brian Kelly, both of whom are part of an investment group participating in the buyout. Under the terms of the July deal, Activision Blizzard was to buy back 429 million shares of stock from its former parent for $5.83 billion while the Kotick/Kelly group (which also includes Chinese investment firm Tencent Holdings) would buy another 172 million shares for $2.34 billion. Hayes’ lawsuit alleges that Kotick and Kelly, both of whom stand to maintain their leadership roles at the independent publisher, would have been “unjustly enriched through the private sale.”

In layman’s terms, Hayes is getting exactly what he wanted. The lawsuit sought an injunction so that non-Vivendi shareholders would have an opportunity to vote on the proposed buyout, and that is what’s happening. Activision Blizzard, for its part, confirms that it “remains committed to the transaction” and is right now “exploring the steps it will take to complete the transaction as expeditiously as possible.” 

For more on the terms of the deal as it was originally announced and hefty offering of analysis, take a look at our original report on the news.

Computing

HP’s Omen Mindframe headset keeps your ears chill, but might leave you lukewarm

The Omen Mindframe headset uses HP's FrostCap technology to keep ears cool during long gaming sections. While it delivers on keeping ears cool, it forgets some of the essentials of a quality gaming headset.
Movies & TV

Stay inside this winter with the best shows on Hulu, including 'Legion'

It's often overwhelming to navigate Hulu's robust library of TV shows. To help, we put together a list of the best shows on Hulu, whether you're into frenetic cartoons, intelligent dramas, or anything in between.
Gaming

Your PlayStation 4 game library isn't complete without these games

Looking for the best PS4 games out there? Out of the massive crop of titles available, we selected the best you should buy. No matter what your genre of choice may be, there's something here for you.
Gaming

Amazon drops a deal on SteelSeries Arctis 3 gaming headset for Nintendo Switch

Amazon is currently running a deal on the SteelSeries Arctis 3 gaming headset, which is compatible with Nintendo Switch as well as Xbox One, PlayStation 4, PC, mobile, and virtual reality.
Gaming

How do Nintendo Switch, Xbox One X compare to each other? We find out

The Nintendo Switch is innovative enough to stand apart from traditional consoles, but could it become your primary gaming system? How does the Switch stack up against the Xbox One?
Gaming

Here's what we know about the Dark Souls developer's next game

Sekiro: Shadows Die Twice is the latest game from Dark Souls and Bloodborne developer From Software. Here is everything we know about the new game, including its setting and combat changes.
Gaming

Is Google launching a game-streaming service? Watch our GDC livestream to see

Google is presenting its 2019 GDC keynote on March 19. Here is how you can tune in to watch the event, as well as what could be shown during the presentation. Google's Project Stream service could be on the agenda.
Gaming

Upcoming zombiefest Days Gone boasts 30-plus hours of story-driven content

Days Gone, the first PlayStation 4 title from Sony's Bend Studio, looks to offer a different type of zombie game. Here's everything we know about the forthcoming title, from the setting to its gameplay.
Gaming

Need to perform a factory reset on your Xbox One console? Here's how to do it

Whether you're upgrading to a One X and giving your old console to a friend, or troubleshooting a technical issue, sometimes your Xbox One needs a clean slate. Here's our quick guide on how to factory reset an Xbox One.
Gaming

New character Octane makes an entrance with the first Apex Legends Battle Pass

Apex Legends' first season kicks off March 19 on PS4, Xbox One, and PC. The Battle Pass comes in two versions, with the base version costing around 10 bucks. Seasonal rewards include a bevy of new loot such as legendary skins.
Computing

The Unevn One is a portable desk that brings PC gaming on the road

Bringing a gaming PC outside your usual setup can be a challenge, but the Unevn One is the first all-in-one, portable gaming desk complete with a computer chassis and integrated monitor mount.
Gaming

How to get the most out of agent builds and specializations in The Division 2

The Division 2 has an intricate loot system to let you fine tune your agent to fit your play style. In our builds and specializations guide, we'll walk you through all of the stats you should pay attention to when tinkering with gear.
Gaming

Transport your Nintendo Switch in style with these nifty cases

The Nintendo Switch, which boasts both wired and handheld modes, needs a good case to ensure it doesn't get beat up while you're on the go. We scoured through dozens of Switch cases to bring you the best ones.
Gaming

Here's how you can control your PS4 right from your phone

Sony built the PlayStation 4 with smartphone and mobile integration in mind. Take a look at our guide for connecting your smartphone or tablet to a PS4, so you can get the most out of the system while on the go.