Activision Blizzard Shares Fall After Microsoft Deal Rejected by U.K.
By Will Feuer
Shares of videogame maker Activision Blizzard Inc. tumbled more
than 10% after the U.K.'s antitrust watchdog rejected Microsoft
Corp.'s $75 billion deal to buy the company.
Activision stock fell more than 12%, to $76.21, in premarket
trading. In January of 2022, Microsoft said it had agreed to buy
the company for $95 a share in cash.
The U.K.'s Competition and Markets Authority said Wednesday that
its investigation into the deal concluded that the combined company
would have the incentive to withhold popular games from competitors
and "substantially weaken competition in this important growing
Microsoft can appeal the decision. Antitrust lawyers said
appeals can move relatively quickly in the U.K., but the threshold
for overturning a CMA ruling is high. The appeals tribunal looks
only at whether a decision was legal, rational and followed proper
Representatives for Microsoft didn't immediately respond to a
request for comment.
Write to Will Feuer at Will.Feuer@wsj.com
(END) Dow Jones Newswires
April 26, 2023 07:28 ET (11:28 GMT)
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