are closer than ever to making their merger happen. However, with some issues still to smooth out in the UK, the companies weren't able to neatly tie things up in time for their initial July 18th deadline.
If they hadn't agreed on new terms and either side walked away , Microsoft would have been on the hook for a $3 billion breakup fee. That termination fee will increase to $3.5 billion if the merger hasn't closed by August 29th and $4.5 billion if it's not a done deal by September 15th. The fee will only be paid if the acquisition doesn't close. In addition, they agreed that Activision can give its shareholders a dividend of $0.99 per share.
"Microsoft and Activision Blizzard remain optimistic that we will get our acquisition over the finish line, so we have jointly agreed to extend the merger agreement to October 18th, 2023," Microsoft Gaming CEO Phil Spencer wrote in a note to employees."While we can technically close in the United States due to recent legal developments, this extension gives us additional time to resolve the remaining regulatory concerns in the UK.
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