Key Developments: Activision Blizzard Inc (ATVI.O)

ATVI.O on Nasdaq

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Latest Key Developments (Source: Significant Developments)

Activision Blizzard Inc Announces Completion Of Private Offering Of Senior Notes-Form 8-K
Thursday, 19 Sep 2013 04:43pm EDT 

Activision Blizzard Inc reported in its Form 8-K that on September 19, 2013, Activision Blizzard, Inc. (Company) completed its previously announced private offering of $1.500 billion aggregate principal amount of its 5.625% Senior Notes due 2021 and $750 million aggregate principal amount of its 6.125% Senior Notes due 2023. The Notes are the general senior obligations of the Company and are fully and unconditionally guaranteed on a senior basis by certain of the Company’s U.S. subsidiaries. The Notes and related guarantees will not be secured. In connection with the issuance of the Notes, the Company entered into an escrow agreement with Wells Fargo Bank, National Association, as escrow agent and as trustee under the Indenture. The proceeds of the offering were deposited, pursuant to the Escrow Agreement, into a segregated account pending completion of the transactions contemplated by the stock purchase agreement entered into on July 25, 2013, among the Company, Vivendi S.A., a société anonyme organized under the laws of France, and ASAC II LP, an exempted limited partnership established under the laws of the Cayman Islands and acting by ASAC II LLC, its general partner, which is terminable by the parties on or after October 15, 2013 if the Transactions have not closed by such date.  Full Article

Vivendi SA Announces Court Action in Connection with Its Sale of a Majority of Its Interest in Activision Blizzard Inc
Wednesday, 18 Sep 2013 06:07pm EDT 

Vivendi SA announced that the divestment of the majority of Vivendi SA's interest in Activision Blizzard Inc is being delayed by a United States court decision. An alleged shareholder of Activision Blizzard INC filed a lawsuit in the United States against Activision Blizzard Inc, Vivendi SA and ASAC II LP, a consortium of investors including the Activision Blizzard CEO Bobby Kotick and Co-Chairman Brian Kelly. The plaintiff claims that the transactions were required to be submitted to a vote of stockholders of Activision Blizzard Inc and therefore seeks to prevent consummation of the transactions. The Delaware Court of Chancery granted the plaintiff’s request, issuing an order which precludes the consummation of the transactions unless the order is modified on appeal or the transaction is approved by a Activision Blizzard Inc stockholder vote.  Full Article

Activision Blizzard Inc Announces Private Offering Of $1.0 Billion Senior Secured Notes, $1.5 Billion Senior Notes
Tuesday, 3 Sep 2013 07:30am EDT 

Activision Blizzard, Inc. announced that, subject to market and other conditions, Activision Blizzard (the Company) plans to offer $1.0 billion aggregate principal amount of senior secured notes due 2020 (the 2020 Notes), $1.0 billion aggregate principal amount of senior notes due 2021 (the 2021 Notes) and $500.0 million aggregate principal amount of senior notes due 2023 (the "2023 Notes" and, together with the 2020 Notes and the 2021 Notes, the Notes). The Company intends to use the net proceeds of the offering, along with cash on hand and proceeds from borrowings under senior secured credit facilities to be entered into concurrently with the completion of this offering, to: (i) finance the consideration to be paid by the Company to Vivendi S.A., a société anonyme organized under the laws of France (and together with its affiliates, "Vivendi") in connection with stock purchase transactions (the "Transactions") previously announced among the Company, Vivendi and ASAC II LP, an exempted limited partnership established under the laws of the Cayman Islands and acting by ASAC II LLC, its general partner; and (ii) pay the Company's fees and expenses incurred in connection with the Transactions. The Completion of this offering is conditioned upon the consummation of the Transactions and the closing of the senior secured credit facilities.  Full Article

Activision Blizzard Inc Reaffirms CY 2013 Guidance; Issues Q3 2013 Guidance; Revenue Guidance Above Analysts Estimates
Thursday, 1 Aug 2013 04:05pm EDT 

Activision Blizzard Inc announced that for calendar year 2013, it expect GAAP net revenues of $4.31 billion as compared to its previous outlook of $4.22 billion and GAAP earnings per diluted share of $0.77 as compared with the Company's previous outlook of $0.73 per diluted share. For non-GAAP, the Company is reaffirming its calendar year outlook of $4.25 billion in net revenues and EPS of $0.82 per diluted share. For third quarter of 2013, it expects GAAP net revenue of $635 million and EPS of $0.03, Non-GAAP net revenue of $585 million and EPS of $0.03. According to I/B/E/S Estimates, analysts on an average were expecting the Company to report revenue of $577 million and EPS of $0.03 for the third quarter of 2013.  Full Article

Activision Blizzard Inc Raises Q2 2013 Guidance; Reaffirms CY 2013 Guidance-Conference Call
Friday, 26 Jul 2013 08:30am EDT 

Activision Blizzard Inc announced that for the second quarter of 2013, it expects GAAP net revenue of approximately $1.05 billion and non-GAAP net revenue of $608 million with GAAP earnings per diluted share of approximately $0.28 and non-GAAP earnings per share (EPS) of $0.08, all of which were above its prior outlook. The Company also announced that for GAAP in light of its second quarter 2013 performance, it is increasing its fiscal 2013 GAAP outlook. For the calendar year 2013, the Company now expect GAAP net revenues of approximately $4.31 billion as compared to its previous outlook of $4.22 billion and GAAP earnings per diluted share of $0.77 as compared with the Company's previous outlook of $0.73 per diluted share. For non-GAAP, the Company is reaffirming its calendar year outlook of $4.25 billion in net revenues and EPS of $0.82 per diluted share. These calendar year EPS numbers do not yet take into account the substantial future accretion that will take place after the closing of the transaction. According to I/B/E/S Estimates, analysts on an average were expecting the Company to report revenue of $602 million and EPS of $0.05 for the second quarter of 2013.  Full Article

Activision Blizzard Inc Announces Transformative Purchase Of Shares From Vivendi SA
Thursday, 25 Jul 2013 11:59pm EDT 

Activision Blizzard Inc announced that it has reached an agreement under which it will acquire from Vivendi approximately 429 million Company shares and certain tax attributes, in exchange for approximately $5.83 billion in cash, or $13.60 per share acquired before taking into account the future benefit from these tax attributes. In a simultaneous transaction, ASAC II LP, an investment vehicle led by Activision Blizzard CEO Bobby Kotick and Co-Chairman Brian Kelly, to which they have personally committed $100 million combined, separately will purchase approximately 172 million Company shares from Vivendi for approximately $2.34 billion in cash, or $13.60 per share. Following the completion of the transaction, Activision Blizzard will be an independent company with the majority of shares owned by the public. The Company will be led by Bobby Kotick as Chief Executive Officer and Brian Kelly as Chairman. Vivendi will no longer be the majority shareholder, but will retain a stake of 83 million shares or approximately 12%. ASAC II LP-the investor group which, in addition to Kotick and Kelly, includes Davis Advisors, Leonard Green & Partners, L.P., Tencent, will own a stake of approximately 24.9%. Activision Blizzard will fund the acquisition with the combination of approximately $1.2 billion of domestic cash on hand and approximately $4.6 billion of debt proceeds, net of fees and upfront interest. The transaction is expected to close by the end of September 2013.  Full Article

Activision Blizzard Inc Raises CY 2013 Guidance; Issues Q2 2013 Guidance; Revenue Guidance Below Analysts' Estimates
Wednesday, 8 May 2013 04:05pm EDT 

Activision Blizzard Inc announced that for calendar year 2013, it expects GAAP-Net Revenues to be $4.220 billion and Non-GAAP Net revenues to be $4.250 billion. GAAP-EPS is expected to be in the range of $0.73 and Non-GAAP EPS to be $0.82. For the second quarter of 2013, it expects GAAP-Net Revenues to be $980 million and Non-GAAP Net revenues to be $590 million. GAAP-EPS is expected to be in the range of $0.21 and Non-GAAP EPS to be $0.05. According to I/B/E/S Estimates, analysts are expecting the Company to report revenue of $603 million and EPS of $0.05 for the second quarter of 2013.  Full Article

Activision Blizzard Inc Issues CY 2013 Guidance; Issues Q1 2013 Guidance Above Analysts' Estimates
Thursday, 7 Feb 2013 04:05pm EST 

Activision Blizzard Inc announced that for calendar year 2013, it expects GAAP-Net Revenues to be $4.085 billion and Non-GAAP Net revenues to be $4.175 billion. GAAP-EPS is expected to be in the range of $0.68 and Non-GAAP EPS to be $0.80. For the first quarter of 2013, it expects GAAP-Net Revenues to be $1.160 billion and Non-GAAP Net revenues to be $690 million. GAAP-EPS is expected to be in the range of $0.29 and Non-GAAP EPS to be $0.10. According to I/B/E/S Estimates, analysts are expecting the Company to report revenue of $681 million and EPS of $0.09 for the first quarter of 2013.  Full Article

Activision Blizzard Inc Declares Cash Dividend
Thursday, 7 Feb 2013 04:05pm EST 

Activision Blizzard Inc announced that the Board of Directors declared a cash dividend of $0.19 per common share payable on May 15, 2013 to shareholders of record at the close of business on March 20, 2013.  Full Article

Activision Blizzard Inc Raises CY 2012 Guidance; Issues Q4 2012 Guidance Above Analysts' Estimates
Wednesday, 7 Nov 2012 04:06pm EST 

Activision Blizzard announced that announced that based on better-than-expected third quarter results, the Company is raising its outlook for calendar year 2012 from the estimates it provided on August 2, 2012. For calendar year 2012, it expects GAAP net revenues of $4.574 billion, non-GAAP net revenues of $4.805 billion, GAAP earnings per diluted share (EPS) of $0.88 and non-GAAP EPS of $1.10. For the third quarter of 2012, it expects GAAP net revenues of $1.485 billion, non-GAAP net revenues of $2.412 billion, GAAP earnings per diluted share (EPS) of $0.19 and non-GAAP EPS of $0.70. According to I/B/E/S Estimates, analysts are expecting the Company to report revenue of $4.676 billion and EPS of $1.01 for calendar year 2012; and revenue of $2.336 billion and EPS of $0.67 for the fourth quarter of 2012.  Full Article

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Former NY mayor to defend 'Call of Duty' maker in Noriega suit

NEW YORK - Former New York City Mayor Rudy Giuliani will defend Activision Blizzard Inc in a lawsuit the former Panamanian dictator Manuel Noriega filed over his depiction in the company's popular "Call of Duty: Black Ops II" video game.

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