MSFT - Activision gains again up 10% as UK looks to pause trial over Microsoft purchase

2023-07-11 11:59:08 ET

Activision Blizzard ( NASDAQ: ATVI ) is finding another leg higher as news of a court win over the FTC was followed by signs of a peaceful regulatory resolution in the United Kingdom of its proposed acquisition by Microsoft ( NASDAQ: MSFT ).

The stock had gotten a 5% lift in the past hour as a court ruled against the Federal Trade Commission's request for a preliminary injunction against the $69B deal.

Now Activision Blizzard ( ATVI ) has risen 10% on news that the company, its proposed acquirer Microsoft ( MSFT ), and UK regular the Competition and Markets Authority have jointly asked the Competition Appeal Tribunal to pause litigation in the kingdom.

That litigation was headed for a July 28 trial. Following the court ruling for the companies in the U.S., the UK was seen as a key remaining hurdle for the deal.

With the additional move higher, Activision Blizzard ( ATVI ) hit a session high of $92, just a 3.2% discount from Microsoft's proposed $95/share price.

The CMA says it "stands ready" to consider any proposals from Microsoft to restructure its deal in a way that assuages its concerns, Bloomberg reported.

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