Activision, Vivendi Lawsuit Settled for $275 Million
Activision Blizzard has reached a settlement over a shareholder’s lawsuit that arose from the $8.2 billion deal which saw Activision buy itself from Vivendi. Under the terms of the settlement, Vivendi and others will pay $275 million in order to settle the litigation that began last year. Additionally, Activision is required to hire two new directors for its board alongside changing the terms of its voting rights.
The company’s board of directors said in a statement that they were “pleased to be able to put this matter to rest,” and that the deal with Vivendi “contributed to the creation of over $3 billion of value for shareholders.” Vivendi released a similar statement, saying that the French media and telecom conglomerate was “pleased that this matter was resolved.”
The shareholders’ lawyer, Joel Friedlander, said that the litigation achieved “what Activision should have negotiated as part of the deal.”
[Source: Wall Street Journal]