Sept 23 Activision Blizzard Inc will make its
argument before Delaware's Supreme Court next month to overturn
a lower court's surprise decision to halt the video game
company's planned $8.2 billion deal with French media
conglomerate Vivendi SA.
The state's high court said on Monday it had scheduled
arguments for Oct. 10.
Delaware Court of Chancery judge Travis Laster temporarily
halted the proposed deal on Wednesday. For details, see
Activision investor Douglas Hayes had sued the company's
board, alleging they breached their duty to shareholders by not
putting the deal to a stockholder vote.
Delaware's Supreme Court has a reputation for quickly
resolving appeals in large corporate disputes. The court ruled
from bench last year to uphold a Court of Chancery decision to
halt a hostile bid by Martin Marietta Materials Inc for Vulcan
The Activision deal is considered pivotal for Vivendi as it
seeks to streamline its diverse portfolio.
Under the deal, Activision said it would buy back 429
million shares from Vivendi for $5.83 billion. As part of the
terms, an investor group led by Activision Chief Executive Bobby
Kotick and Co-Chairman Brian Kelly will separately purchase
about 172 million Activision shares from Vivendi for $2.34
The Activision Blizzard Inc et al v Douglas M. Hayes,
Delaware Supreme Court, No. 497, 2013.