The Delaware Supreme Court has overturned the preliminary injunction that was preventing Activision Blizzard from buying Vivendi Universal’s stake in the company, GI International reports.
Activision Blizzard reached a deal with Vivendi in July to acquire its own shares for over $8 billion. The acquisition was halted by the Delaware Chancery Court in September when shareholder Douglas Hayes filed a lawsuit against Activision Blizzard arguing that the sale required the approval of shareholders to proceed.
Vivendi and Activision now expect the deal to close by October 15th. Activision Blizzard will be purchasing 429 million shares for $5.83 billion and investor group ASAC II will buy 172 million shares for $2.34 billion. Vivendi will retain 83 million shares (around 12 percent), but with the majority of Activision Blizzard’s shares owned by the public, the firm will become an independent company again.