Activist urges Activision Blizzard holders to reject Microsoft's purchase offer
Michael Buckner/Getty Images Entertainment


One activist shareholder group is urging fellow Activision Blizzard (NASDAQ:ATVI) shareholders to vote against a $69 billion acquisition by Microsoft (NASDAQ:MSFT) at the upcoming stockholder meeting April 28.
SOC Investment Group has a small percentage of Activision Blizzard (ATVI) stock. And rather than merging with Microsoft, it would rather see "a new, competent and dedicated" board elected.

Microsoft's deal fails to value Activision and its future earnings potential, SOC says, as it ignores the headwinds from the company's sexual-harassment crisis. And âWe are skeptical that any transaction with Microsoft (or a similar acquirer) would be viable, given the shift in the climate of anti-trust enforcement, as well as evident sources of potential harms to competition stemming from the merger."
Elsewhere, California Gov. Gavin Newsom has denied that he directly interfered with his state's lawsuit against Activision Blizzard. One state lawyer on the case was fired and another resigned, protesting that the governor was interfering with the case.
But such reports are "categorically false," says Newsom Communications Director Erin Mellon.
After hours: ATVI -0.2%.