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Court delays closing of Activision-Vivendi deal, ATVI -0.9% AH

A Delaware court has halted the closing of Activision's (ATVI) $5.83B leveraged recap deal with Vivendi (VIVHY.PK), as well as the concurrent purchase of $2.34B in Activision shares from Vivendi by Activision's CEO and co-chairman. The injunction can be lifted either by a successful appeal, or a shareholder vote involving Activision investors not named Vivendi.

Given Activision shares soared when the deals were announced, one would think shareholders would sign off on them.

Activision recently raised $2.5B to help pay for the leveraged recap deal.

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