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Warren Buffett says Berkshire owns 9.5% of Activision Blizzard shares in merger arbitrage bet

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Warren Buffett on Saturday said Berkshire Hathaway has been increasing its stake in Activision Blizzard in a merger arbitrage play.

Berkshire now owns about 9.5% of Activision shares, Buffett said at the company's annual shareholder meeting.

Buffett said he has been buying more shares of Activision since the deal was announced as the stock is trading way below Microsoft's offer. Buying at these levels will yield a bigger return if the deal closes.

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