Activision Faces Lawsuit for Vivendi Merger

A small shareholder group is suing Activision for having a lesser role in its merger with Vivendi.

Last December, publishing giants Vivendi and Activision agreed to a merger where Vivendi would acquire a 52 percent stake in the combined Activision Blizzard. Seeing that Activision would be receiving a minority share of the new entity, the Wayne County Employees' Retirement System of Wilmington, Delaware has filed suit against Activision.

Lawyers for the Michigan-based group complained, "The merger, stock purchase and tender offer, working in concert, convey control of Activision to Vivendi but fail to offer the Activision stockholders an opportunity to realize a true control premium for their stock."

Source: Delaware Online