Activision Holders Overwhelmingly Back Vivendi Merger
Tuesday July 8th, 2008 / 20h31
DOW JONES NEWSWIRES Activision Inc. (ATVI) shareholders overwhelmingly approved the video-game maker's planned merger with Vivendi SA's (12727.FR) game business in a deal expected to close Wednesday and create a much stronger rival to current No. 1 Electronic Arts Inc. (ERTS). The deal should shake up the video-game industry, which continues to grow despite economic pressures taking their toll on consumers and consolidation among the top players. The newly combined Vivendi/Activision entity, to be called Activision Blizzard, would have a market cap that's 20% larger than that of Electronic Arts, which is now trying to buy rival Take-Two Interactive Software Inc. (TTWO). Activision said 92% of the shares voted were in favor of the merger. The merger brings together Activision, the No. 2 game publisher whose titles include the breakout hits "Call of Duty" and "Guitar Hero," with Vivendi, the entertainment giant that owns Blizzard Entertainment Inc., the creators of "World of Warcraft" and a popular online, multiple player subscription service. Activision and Vivendi Games first broached the merger in early December, At the time, executives said the buyout is designed to bring Activision's popular games to the Internet via Blizzard, which operates some of the largest online, multiple player gaming services. "World of Warcraft", for instance, has about 9 million subscribers paying $15 per month. In addition to giving its game business toward the merged company, Vivendi is also buying a $1.7 billion stake in the new company, giving it an overall stake of 54% of shares outstanding. Activision Blizzard's shares will trade on the Nadsaq Stock Market under Activision's current symbol. It's expected that Activision Chief Executive Robert Kotick will remain with the company. Shares of Activision were recently down 52 cents, or 1.6%, at $31.49. -By Ben Charny, Dow Jones Newswires; 415-765-8230 -By Kathy Shwiff, Dow Jones Newswires; 201-938-5975; Kathy.Shwiff@dowjones.com Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary: http://www.djnewsplus.com/al?rnd=6lB5ZxEyozvmfi68ZFD%2Bnw%3D%3D. You can use this link on the day this article is published and the following day.
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