New York pension funds are suing Activision Blizzard over details

New York pension funds are suing Activision Blizzard over details of the Microsoft deal

portal axios reports that the pension funds of teachers, police officers and firefighters in New York who own a portion of Activision Blizzard’s stock have filed a court order requiring the company to provide documents related to the deal with Microsoft.

    Image Credit: Activision Blizzard

Image Credit: Activision Blizzard

Recall that on January 18 this year, Microsoft announced its intention to acquire publishing house Activision Blizzard with all its assets for $68.7 billion (that is, at a price of $95 per share).

According to the plaintiffs, Activision Blizzard’s board of directors, and specifically CEO Bobby Kotick (Bobby Kotick), sold cheaply: the company’s stock was worth around $95 before the women’s harassment and discrimination scandal.

As stated in court documentManagement rushed to strike a deal with Microsoft to avoid being blamed for Activision Blizzard’s unhealthy work culture, which Kotick allegedly knew firsthand.

    Image source: Microsoft

Image source: Microsoft

The deal with Microsoft, which still has to be approved by regulators, will allow Kotick to step down from the helm of Activision Blizzard if he wants and become significantly wealthier — we’re talking hundreds of millions of dollars.

Pension funds in New York are demanding documents containing information about five other potential Activision Blizzard buyers and other aspects of negotiations with Microsoft, among other things, in order to convict the company of violations.

In a vote in late April, an overwhelming majority (98%) of Activision Blizzard shareholders approved the sale of the Microsoft publishing house. The deal is expected to close by June 30, 2023.

About the author

Robbie Elmers

Robbie Elmers is a staff writer for Tech News Space, covering software, applications and services.

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