The UK regulator the CMA has requested additional comments around Microsoft's bid to buy Activision Blizzard.
19.07.2023 - 14:35 / techcrunch.com / Phil Spencer
Microsoft and Activision have jointly agreed to extend the deadline to complete their mega merger for a further three months in order, they say, to allow time to resolve “remaining regulatory concerns”.
The original deadline for Microsoft to close the $68.7 billion acquisition of Activision it announced back in January 2022 was July 18 (yesterday). But the pair have agreed a new date of October 18 to complete the transaction.
“Microsoft and Activision Blizzard have jointly agreed to extend the merger agreement deadline from July 18, 2023 to October 18, 2023, to allow for additional time to resolve remaining regulatory concerns,” they wrote in a press release about the merger agreement extension.
The agreement also sets out two additional earlier deadlines, of August 29 and September 15, when termination fees payable to Microsoft — i.e. in the event the deal does not close — will increase from $3BN to $3.5BN and from $3.5BN to $4.5BN respectively.
But the pair are evidently hoping the transaction will end in successful closure, not termination.
In a memo to staff today, Microsoft’s Xbox chief Phil Spencer wrote:
Microsoft and Activision Blizzard remain optimistic that we will get our acquisition over the finish line, so we have jointly agreed to extend the merger agreement to October 18, 2023. While we can technically close in the United States due to recent legal developments, this extension gives us additional time to resolve the remaining regulatory concerns in the UK.
The $68.7BN mega merger has been complicated by regulatory opposition in the US and UK — including a decision by the UK’s competition watchdog, the Competition and Markets Authority (CMA), in April to block the acquisition, citing concerns that it would
The UK regulator the CMA has requested additional comments around Microsoft's bid to buy Activision Blizzard.
An ambitious The Simpsons: Hit and Run fan remake is now complete, but its creator says it will never be released.
Ubisoft CEO Yves Guillemot has said Microsoft’s bid to acquire Activision Blizzard can be viewed as a sign that Ubisoft is on the right track with its current business strategy.
The US Federal Trade Commission has withdrawn its proceedings against Microsoft’s acquisition of Activision Blizzard. According to IGN, the FTC responded to Microsoft’s motion to withdraw from the recent proceedings with no objections, essentially giving Microsoft the green light to go ahead with its $69 billion acquisition.
By Tom Warrenand Richard Lawler
The US Federal Trade Commission could be about to pause its battle with Microsoft over its impending Activision Blizzard deal.
Microsoft and Activision Blizzard have filed a motion urging the FTC to stop trying to block their proposed merger.
Following a fast-tracked trial with multiple revelations, the US Federal Trade Commission’s injunction to halt the acquisition of Activision Blizzard by Microsoft was denied in court. It then filed for an appeal last week, which was also denied. Nevertheless, it’s not giving up just yet, as Reuters reports that it brought the case to an internal FTC administrative judge, with a trial scheduled for August 2nd.
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The deadline on Microsoft's acquisition of Activision Blizzard has been extended to October 18 this year, giving the companies more time to convince the UK government to reverse its decision to block the deal.
Microsoft and Activision Blizzard have renegotiated the deadline for concluding the proposed acquisition of the Call of Duty publisher, giving them more leeway to conclude the discussions with market regulators with a new deadline to complete by 18th October 2023.
Microsoft and Activision Blizzard have renegotiated the deadline for concluding the proposed acquisition of the Call of Duty publisher, giving them more leeway to conclude the discussions with market regulators with a new deadline to complete by 18th October 2023.