Activision Shareholder Sues Vivendi to Halt Stock Sale
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A shareholder of Activision Blizzard Inc. sued the company’s co-chairman, chief executive officer and majority stockholder, Vivendi SA, to halt a stock sale that would give officers control of the biggest U.S. video-game maker.
Shareholder Douglas M. Hayes wants a court in Delaware to halt the proposed private stock sale and to force the company to give non-Vivendi shareholders a chance to vote on the proposed deal. The sale would give control of the company to CEO Bobby Kotick and Co-Chairman Brian Kelly, according to the lawsuit.