Microsoft said it will pay $95 per share in an all-cash transaction. That represents a 43% premium to Activision's closing stock price on Friday of $65.39. Shares of the video game developer surged in premarket trading to as much as $90.
Microsoft said CEO Bobby Kotick will continue in that role after the acquisition is completed. Kotick has come under pressure from employees and some activist shareholders whosued Activision in July accusing the company of creating a workplace culture that allegedly subjected women to groping and unwanted advances.
Activision executives will report to Microsoft Gaming CEO Phil Spencer once the deal is complete, the company said. With the deal, Microsoft will add titles including"Candy Crush" and"Diablo" to its portfolio, and said it will become the world's third-largest gaming company by revenue after Tencent and Sony.
Oh the Pitfalls they shall find
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