SANTA MONICA, Calif.--(BUSINESS WIRE)--
Activision Blizzard, Inc. (Nasdaq: ATVI) today announced that an
agreement has been reached to settle the consolidated derivative and
class action shareholder case stemming from the October 2013 purchase by
the Company and an investor group of 88 percent of Vivendi SA's shares
in the Company. The settlement is subject to completion of appropriate
documentation and approval by the Delaware Chancery Court.
Multiple insurance companies, along with various defendants, will pay
Activision Blizzard$275 million. The Company believes the settlement,
which acknowledges no wrongdoing by any party, is in the interest of all
stakeholders.
The Board of Directors stated: "The transaction, structured through the
efforts and significant personal investment of Bobby Kotick and Brian
Kelly, has contributed to the creation of over $3 billion of value for
shareholders. We are pleased to be able to put this matter to rest."
Other terms of the settlement include the addition of two unaffiliated
Company directors, payment of reasonable and customary fees and costs of
plaintiff's attorneys by the Company, an adjustment of voting rights and
a global release of all claims against the defendants.
The October 2013 transaction was approved by Vivendi SA and the
Company's Board of Directors following a recommendation of a Special
Committee of independent directors formed by the Board of Directors to
negotiate the transaction on behalf of the Company.
About Activision Blizzard
Activision Blizzard, Inc. is the largest and most profitable independent
western interactive entertainment publishing company. It develops and
publishes some of the most successful and beloved entertainment
franchises in any medium, including Call of Duty®, Destiny®,
Skylanders®, World of Warcraft®, StarCraft®, and Diablo®.
Headquartered in Santa Monica, California, it maintains operations
throughout the United States, Europe, and Asia. Activision Blizzard
develops and publishes games on all leading interactive platforms and
its games are available in most countries around the world. More
information about Activision Blizzard and its products can be found on
the company's website, www.activisionblizzard.com.
Activision Blizzard, Inc.
Mary Osako
(424) 322-5166
mary.osako@activision.com
Source: Activision Blizzard, Inc.
News Provided by Acquire Media