Activision Blizzard rallies on report Microsoft 'ready to fight' FTC to complete deal
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Shares of Activision Blizzard (NASDAQ: ATVI) gained 3% in pre-open trading Monday following a report from Bloomberg News that merger partner Microsoft (NASDAQ: MSFT) is "ready to fight" to complete its acquisition of the video game maker even if the U.S FTC sues to block the deal, citing a person familiar with the matter.
The FTC is currently wrapping up its investigation and is expected to make a recommendation soon, the report added. Meanwhile, Microsoft hasn’t had conversations with the FTC about remedies or concessions at this stage.
If the FTC sues to block the deal, Microsoft is prepared to contest that decision in court, the report said citing a person familiar with the company's thinking.
Bloomberg Intelligence antitrust analyst Jennifer Rie wouldn't be surprised if the FTC files a lawsuit blocking the deal, but also noted a court fight would be hard for enforcers to win. However, a court fight would likely mean a delay in the deal closing, which Microsoft currently expects to be by June 30, 2023.
By StreetInsider.com Staff
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