Mark Androvich
17:18 (BST)
26/02/2008
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Investors sue Activision over Blizzard merger
Unhappy with "unfavourable minority position"
An investment group has sued Activision over its impending merger with Vivendi, alleging that the company directors failed to obtain the best deal.
Last December, Vivendi agreed to buy a controlling stake in Activision to create the world's biggest videogame company. Vivendi will own a 52 per cent stake in the combined company, which will be called Activision Blizzard.
According to a Delaware Online news journal, a complaint was filed in Delaware Chancery Court by the Wayne County Employee's Retirement System.
"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," lawyers for the Michigan-based investment group said in the complaint.
Activision had not responded to a request for comment at press time.
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