As a result of multiple lawsuits from shareholders, the Delaware Chancery Court has issued a preliminary injunction to block the deal until either the terms are changed or the transaction is approved by said shareholders.
Gamespot reported yesterday that the process of Activision Blizzard bying themselves off of Vivendi which started this July, has been put on hold. The prize of independency at that time cost 429 million shares totalling up to $5.83 billion. On top of that, Activision CEO Bobby Kotick and co-chairman Brian Kelly would purchase another 172 million share totalling up to $2,34 billion. Although the deal would not cut out Vivendi entirely, it would reduce their share to mere 12%, granting Activision Blizzard the majority of the shares. Bobby Kotick was reported to remain as CEO after the deal with Brian Kelly taking the position of chairman.
This deal did not appeal to everybody, however, and on September 12th. shareholder Douglas M Hayes filed a lawsuit against Kotick, Kelly and Vivendi SA, stating that the deal would "unjustly Kelly, Kotick, and the other participants". Apparently, Hayes' lawsuit has not been the only one as the transaction has now been blocked until terms are adjusted or it's approved by "a shareholder vote of non-Vivendi stockholders."
Source: Gamespot
