Settlement Reached in Activision Blizzard Shareholder Case
20 November 2014 - 8:34AM
Business Wire
Activision Blizzard, Inc. (Nasdaq: ATVI) today announced that an
agreement has been reached to settle the consolidated derivative
and class action shareholder case stemming from the October 2013
purchase by the Company and an investor group of 88 percent of
Vivendi SA’s shares in the Company. The settlement is subject to
completion of appropriate documentation and approval by the
Delaware Chancery Court.
Multiple insurance companies, along with various defendants,
will pay Activision Blizzard $275 million. The Company believes the
settlement, which acknowledges no wrongdoing by any party, is in
the interest of all stakeholders.
The Board of Directors stated: “The transaction, structured
through the efforts and significant personal investment of Bobby
Kotick and Brian Kelly, has contributed to the creation of over $3
billion of value for shareholders. We are pleased to be able to put
this matter to rest.”
Other terms of the settlement include the addition of two
unaffiliated Company directors, payment of reasonable and customary
fees and costs of plaintiff’s attorneys by the Company, an
adjustment of voting rights and a global release of all claims
against the defendants.
The October 2013 transaction was approved by Vivendi SA and the
Company’s Board of Directors following a recommendation of a
Special Committee of independent directors formed by the Board of
Directors to negotiate the transaction on behalf of the
Company.
About Activision Blizzard
Activision Blizzard, Inc. is the largest and most profitable
independent western interactive entertainment publishing company.
It develops and publishes some of the most successful and beloved
entertainment franchises in any medium, including Call of Duty®,
Destiny®, Skylanders®, World of Warcraft®, StarCraft®, and
Diablo®.
Headquartered in Santa Monica, California, it maintains
operations throughout the United States, Europe, and Asia.
Activision Blizzard develops and publishes games on all leading
interactive platforms and its games are available in most countries
around the world. More information about Activision Blizzard and
its products can be found on the company's website,
www.activisionblizzard.com.
Activision Blizzard, Inc.Mary Osako(424)
322-5166mary.osako@activision.com
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