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shares Activision Blizzard 11% popped up on Tuesday after a judge denied the Federal Trade Commission’s request for a preliminary injunction to stop Microsoft Get the video game maker.
Activision Blizzard stock hit a 52-week high of $92.91 per share, and the move reflects the video game publisher’s biggest jump since the deal was first announced on January 18, 2022. Activision Blizzard shares are also on track for their highest close since July 2021. .
Microsoft agreed to buy Activision Blizzard for $68.7 billion, or $95 a share, but the acquisition has faced opposition in the United States and abroad over concerns that it could stifle competition.
The US District Court for the Northern District of California ruled in favor of the companies on Tuesday.
“For the reasons set forth, the Court found that the FTC did not appear likely to prevail in its claim that this particular vertical combination in this specific industry might substantially reduce competition,” Judge Jacqueline Scott Corley wrote in her essay. her decision.
But the deal isn’t entirely clear cut. The FTC can now take the decision to the US Court of Appeals for the Ninth Circuit, and Microsoft and Activision Blizzard must find a way forward to resolve opposition from the UK’s Competition and Markets Authority.
“We are optimistic that today’s decision points a path to full regulatory approval elsewhere around the world, and we stand ready to work with UK regulators to address any remaining concerns so our merger can be closed quickly,” Activision Blizzard CEO Bobby Kotick wrote. note staff Tuesday.
— CNBC’s Jordan Novette contributed to this report
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