MSFT - Activision gains amid UK appeal hearing on Microsoft deal block

2023-05-30 11:20:22 ET

Activision ( NASDAQ: ATVI ) rose 1.7% amid a report that an appeal hearing in the UK over its antitrust regulator's block of the $69 billion Microsoft ( NASDAQ: MSFT ) deal is going "fairly well."

The judge appears to be moving the case along quicker to trial than many expected, and some things he said as far as the Competition and Markets Authority may be viewed positively for Microsoft ( MSFT ), according to CNBC's David Faber.

Microsoft ( MSFT ) asked for a July 17 date for a four-day hearing, according to a Bloomberg account of the hearing. The CMA argued the date would be too soon and asked for a late-September or October hearing.

Last Wednesday, Microsoft ( MSFT ) formally filed its appeal to the UK antitrust regulator's decision to block its planned $69 billion acquisition of Activision ( ATVI ). Although several regulators, including the European Union, have approved the deal, th e CMA 's block is viewed as a large obstacle that could ultimately lead to the transaction's termination.

The appeal comes after the UK antitrust regulator sued late last month to block the deal , citing concerns about cloud gaming. The U.S. Federal Trade Commission als o sued to block the $95 per share deal for Activision in December , with a trial scheduled to start in August.

Earlier Tuesday, South Korea's antitrust regulator approved the ATVI/MSFT deal after the government agency said the merger was unlikely to negatively impact its domestic gaming market.

More on Activision, Microsoft and the future of gaming

• EU commentary on Microsoft-Activision deal should help appeal, Wells Fargo says
• Activision Blizzard: The King Of Special Situation
• Microsoft - Activision Blizzard: Can The CMA Decision Ruin The Deal?

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