More than a month after the Delaware Supreme Court vacated a Delaware Court of Chancery injunction and cleared the way for video game-maker Activision Blizzard Inc. to recover stock from Vivendi S.A. in a deal worth $8.2 billion, the Supreme Court has issued an opinion explaining that it did so based on the “plain meaning” of the term “business combination” in Activision’s charter.
The Supreme Court’s order, issued Oct. 10, reversed a September ruling of Delaware Chancery Court Vice Chancellor J. Travis Laster. An Activision shareholder had challenged the restructuring, which involved two stock transactions in which Vivendi would return the majority of its 61 percent stake to Activision. The shareholder argued, and Laster agreed, that the transactions required a shareholder vote under Activision’s certificate of incorporation.
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