Shareholders approve Activision Vivendi union
Investors in Guitar Hero publisher sign off on all involved proposals relating to Vivendi Games merger by margin of 92 percent or more.
As promised during the second week of June, Activision held a shareholder's meeting to vote on the proposed merger with Vivendi Games. And as expected, investors in the Santa Monica-based publisher approved by an overwhelming majority the $18.9 billion deal that first surfaced in December. In a statement, Activision noted that "all of the proposals required to effect the transaction received more than 92 percent of the shares voted."
Following the terms of the deal, Vivendi Games--the interactive games division of France-based media conglomerate Vivendi SA and parent company of Blizzard Entertainment and Sierra Entertainment--will become a wholly owned subsidiary of Activision. As previously noted, the merger is expected to wrap on or about July 9, at which point the company will be rebranded Activision Blizzard.
In addition to converting Vivendi Games stock into 295.3 million shares of newly issued Activision stock, Vivendi SA will purchase an additional 62.9 million shares at the agreed-upon price of $27.50 apiece. That stock buy will give Vivendi SA a controlling stake in Activision Blizzard.
Though Vivendi SA will maintain a controlling stake, the publishers said in December that current Activision CEO Robert Kotick will maintain his position as group CEO and president, and Vivendi Games chief Bruce Hack will slot in as chief corporate officer and vice chairman. Mike Griffith will reprise his position as president and CEO of Activision Publishing, and the Guitar Hero publisher's chief financial officer Thomas Tippl will also transition into a similar role at the new company. Jean-Francois Grollemund, Vivendi Games' CFO, will become Activision Blizzard's chief accounting officer.
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