If you're into stock and finances you might recall that BlizzAct offered to buy up as much as 146.5 million shares of their common stock at $27.5 a pop. Well their offer wrapped up last week and they're announcing today they managed to snag nearly 86,000 shares for about $2.3 million. I'm a little surprised that they weren't able to grab up more of their stock, but I'm even more surprised that they planned on financing the entire buy up with cash on hand. Am I the only one who thinks that the BlizzAct folks walk around with life-sized, solid-gold avatars that they dress up for fun. Wasteful! I'd spend all my WoW loot on monkeys and monkey training. And maybe monkey diapers... maybe.Activision Blizzard Announces Final Results of Self-Tender Offer SANTA MONICA, Calif., Aug 19, 2008 /PRNewswire-FirstCall via COMTEX News Network/ — Activision Blizzard, Inc. (Nasdaq: ATVI) today announced the final results of its tender offer to purchase up to 146,500,000 shares of its outstanding common stock at a price of $27.50 per share, net to the tendering stockholders in cash, less any applicable withholding taxes and without interest. The tender offer expired at 5:00 p.m., New York time, on Wednesday, August 13, 2008. Pursuant to the tender offer, Activision Blizzard has purchased 85,916 shares of its common stock at a purchase price of $27.50 per share for a total cost of approximately $2.3 million, excluding fees and expenses relating to the tender offer. Activision Blizzard is funding the purchase of shares in the tender offer with available cash on hand. The tender offer was agreed to be made in connection with the business combination between Activision, Inc., now known as Activision Blizzard, Inc., and Vivendi Games, Vivendi's interactive entertainment business — which includes Blizzard Entertainment's(R) World of Warcraft(R). In accordance with the business combination agreement, the purchase price per share for the tender offer was equal to the price per share that Vivendi paid for the stock it purchased from Activision. About Activision Blizzard Headquartered in Santa Monica, California, Activision Blizzard, Inc. is a worldwide pure-play online, PC and console game publisher with leading market positions across all categories of the rapidly growing interactive entertainment software industry. Activision Blizzard maintains operations in the U.S., Canada, the United Kingdom, France, Germany, Ireland, Italy, Sweden, Spain, Norway, Denmark, the Netherlands, Romania, Australia, Chile, India, Japan, China, South Korea and the region of Taiwan. More information about Activision Blizzard and its products can be found on the company's website, http://www.activisionblizzard.com.
I'm into stocks. They couldn't buy back their stock because it's price was around $34 at the time of the offer. Who in their right mind would sell a $34 stock back to ATVI for a $27 profit? You lose $7 a share. It's easy Math.
So my question is, who sold 87,000 shares to ATVI for a major loss? That is a thread in itself.
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