An Activision Blizzard shareholder is suing the company over the proposed sale of the publisher of Call of Duty to Microsoft for $68.7 billion. Shareholder Kyle Watson filed suit in California recently, with lawyers saying the proposal is “unfair for several reasons,” according to Polygon.
Among the claims listed in Watson’s lawsuit is that Activision Blizzard’s board of directors is seeking to derive “significant and immediate benefits” from the proposed sale to Microsoft rather than considering what might be best for the company as a whole.
The suit also claims that Activision Blizzard’s statement filed with the Securities and Exchange Commission on February 18 is “materially misleading and incomplete.” Furthermore, he claims that Activision Blizzard’s board “failed to create an independent committee made up of disinterested directors to run the sales process.”
The February 18 statement set out a very specific timeline for how the deal was carried out and contained many revelations, including how several other companies attempted to buy Activision Blizzard and that CEO Bobby Kotick will reportedly be paid. of “golden parachute”.
The statement goes on to say that Activision Blizzard’s proxy statement regarding the settlement is “materially deficient, deprives Complainant of information necessary to make an intelligent, informed and rational decision about whether to vote in favor of the Proposed Transaction, and therefore Therefore, it is in violation of the Exchange Law”.
Microsoft is in the process of acquiring Activision Blizzard
Watson wants Activision Blizzard to issue a new SEC proxy statement that does not have the kind of “false statements” that are claimed in the initial document.
An Activision Blizzard spokesperson told Polygon: “We do not agree with the allegations made in this…
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