Shareholders are expected to approve Activision's pending merger with Vivendi with a vote on July 8th, and now one more obstacle has been cleared: the Delaware Court of Chancery has denied a request for a preliminary injunction on behalf of Wayne County Employees' Retirement System, who sued in April because it, as a group, opposed the merger.
The Wayne County group had claimed that it was getting short-ended in the deal, not gaining all the benefits from the combination that it could. The court will not allow the Wayne County group's lawsuit to impede the merger, which is highly likely to be approved across the board. Activision's full announcement follows the jump.
ourt Denies Preliminary Injunction Motion Relating to Activision's Proposed Combination with Vivendi Games
Stockholders' Meeting Scheduled for July 8, 2008
SANTA MONICA, Calif., Jul 02, 2008 (BUSINESS WIRE) - Activision, Inc. (Nasdaq: ATVI) today announced that the Delaware Court of Chancery has denied the Wayne County Employees' Retirement System's request for a preliminary injunction relating to Activision's proposed combination with Vivendi Games, Inc., the interactive entertainment business of Vivendi S.A.
A special meeting of stockholders of Activision, Inc. will be held on Tuesday, July 8, 2008, to consider and vote on proposals to approve the transaction and related matters. If Activision's stockholders approve the transaction and the other matters to be considered at the special meeting, Activision anticipates closing the business combination on or about July 9, 2008.
The meeting will be at 11:00 a.m., local time, at The Peninsula Hotel located at 9882 South Santa Monica Boulevard, Beverly Hills, CA 90212.
Headquartered in Santa Monica, California, Activision, Inc. is a leading worldwide developer, publisher and distributor of interactive entertainment and leisure products. Founded in 1979, Activision posted net revenues of $2.9 billion for the fiscal year ended March 31, 2008.
Activision maintains operations in the U.S., Canada, the United Kingdom, France, Germany, Ireland, Italy, Sweden, Spain, the Netherlands, Australia, Japan and South Korea. More information about Activision and its products can be found on the company's website, www.activision.com.
SOURCE: Activision, Inc.