An Activision investment group has filed a lawsuit against the company, arguing that directors failed to obtained the best possible deal in the recent merger with Vivendi Games/Blizzard – reducing shareholders to an “unfavorable minority position”.
According to a Bloomberg News report
, the Wayne County Employees’ Retirement System has filed a complaint in Delaware Chancery Court, in Wilmington. It claims that Vivendi’s 52 percent ownership of the combined Activision Blizzard company disadvantages Activision shareholders.
French owned company Vivendi is set to pay $1.7 billion in cash for the majority stake in Activision Blizzard, which will offer to buy back as much as $4 billion in shares at a price of $27.50 each.
"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," said lawyers.