Deals
Activision Judge Says CEO Kotick Must Face Buyout Claims
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Activision Blizzard Inc. Chief Executive Officer Robert Kotick must face investor claims that he improperly benefited from an $8.2 billion buyout of Vivendi SA’s stake in the video-game maker, a judge ruled.
The shareholders contend directors wrongfully let a group led by Kotick and Activision Chairman Brian Kelly buy a piece of Vivendi’s Activision stake amounting to 25 percent of the company at the same discounted price Activision paid for another block of shares. The deal allowed the executives to exert control over the maker of “Call of Duty” without paying a premium, according to filings in Delaware Chancery Court.