Vivendi’s Activision sale blocked, though publisher pledges to push deal through

Activision’s proposed buyout from current owner Vivendi has been blocked following a lawsuit filed in a Delaware court.

The publisher confirmed that the Hayes v. Activision Blizzard case is halting the closing of the transaction unless the injunction is modified on appeal or the transaction is approved by a stockholder vote of the non-Vivendi stockholders”.

The proposed deal has faced opposition since shortly after it was first announced in July, with shareholders arguing that it does not realise the true value of the assets in question.

Activision, however, is pledging to press on with the deal, saying: Activision Blizzard remains committed to the transaction and is exploring the steps it will take to complete the transaction as expeditiously as possible.”

Activision hopes to acquire 429m shares from Vivendi at the cost of $5.83bn with Activision Blizzard CEO Bobby Kotick and co-chairman Brian Kelly acquiring a further 172m shares as it strives to attain independence from its parent company.