Activision-Vivendi injunction tossed

When Activision and Vivendi Games announced in December that they would be merging their businesses in a transaction valued at $18.9 billion, it appeared as if the $27.50 per-share buyout offer--a then-32 percent premium over market price--was a pretty good deal. However, not all Activision shareholders were willing to so readily embrace the deal that would see World of Warcraft rubbing elbows with Guitar Hero at company socials.

In February, the Wayne County Employees' Retirement System filed suit in the Delaware Court of Chancery seeking a preliminary injunction to halt the merger. Today, however, that complaint has proven to be for naught. In a succinct statement, Activision said that the Delaware Court has denied the request.

In addition to revealing the outcome of the legal proceedings, Activision reiterated its intent to convene shareholders on July 8 to vote to approve the merger with Vivendi SA's games division, saying that in the event of stockholder approval, the two businesses will combine to form Activision Blizzard as early as July 9.