Market rout throws off math for open deals

Activision Blizzard agreed to sell itself to Microsoft on Jan. 18 for $95 per share in a $69 billion all-cash deal. Shares in the video-game publisher have persistently traded below the deal price, partly reflecting the risk that U.S. antitrust authorities will not approve the transaction. The gap between Activision’s trading price and the deal price has widened, from as little as 8.5% on the day of the deal’s announcement to around 17% on May 17.

Since the two companies agreed to a deal, the MVIS Global Video Gaming & eSports Index is down almost 19%. Tesla Chief Executive Elon Musk reached an agreement to acquire Twitter on April 25 for $54.20 a share, in a deal that values the social network at $44 billion. The billionaire has since expressed doubt about Twitter’s business, saying that the deal is on hold until the number of bots on the service can be independently verified.FILE PHOTO: SpaceX owner and Tesla CEO Elon Musk grimaces after arriving on the red carpet for the Axel Springer award in Berlin, Germany, December 1, 2020.

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