Buffett cut Activision stake before judge approved Microsoft merger

Warren Buffett's Berkshire Hathaway sold 70 per cent of its investment in Activision Blizzard in the second quarter, appearing to miss out on some gains when a federal judge said Microsoft can complete its $68.7 billion purchase of the video game maker.

The filing did not discuss the prices of any sales, or whether Berkshire bought or sold Activision stock in July.The Activision investment was a form of arbitrage, with Buffett viewing investors as too pessimistic that regulators would approve combining Microsoft's Xbox gaming console business with the publisher of the"Call of Duty" and"Candy Crush" franchises.

The billionaire told shareholders at Berkshire's annual meeting in April 2022 he did not know whether regulators would bless the merger, which valued Activision at $95 per share, but"one thing we do know is Microsoft has the money." Activision shares rose 10 per cent to $90.99 on July 11 after U.S. District Judge Jacqueline Scott Corley in San Francisco rejected U.S. Federal Trade Commission arguments that the merger would hurt competition in cloud gaming, consoles and subscription services.

Россия Последние новости, Россия Последние новости

Similar News:Вы также можете прочитать подобные новости, которые мы собрали из других источников новостей

Plaintiffs ask US Supreme Court to temporarily halt Microsoft, Activision mergerWASHINGTON: A group of individual plaintiffs on Monday asked the US Supreme Court to temporarily halt Microsoft's US$69 billion acquisition of Activision Blizzard, the largest in the history of the videogame industry. The bid by the plaintiffs was separate from a request by the US Federal Trade Commission
Источник: ChannelNewsAsia - 🏆 6. / 66 Прочитайте больше »