OK, I’ll admit this freely. When I hear anyone talking about stocks, I get one of two images in my mind: Michael Douglas in Wall Stree t telling me “greed is good” and the scene at the end of Trading Places with Dan Ackroyd and Eddie Murphy.
So, when I first read the story that Activision Blizzard was attempting to separate itself from its parent company Vivendi, my initial thought was “OK…why not?” It didn’t strike me as a big deal, as these kinds of things happen in business.
Now, for those like me who aren’t familiar enough with stocks and such, what you need to know is Vivendi owned a controlling stake in Activision Blizzard. Of course, this is the company responsible for such huge franchise as Call of Duty and World of Warcraft . Recently, Vivendi agreed to sell off over 400 million shares to Activision CEO Bobby Kotick and co-chairman Brian Kelly.
Of course, as things often do in business, here is where things get sticky. Shareholders have attempted to stop the sale via the Delaware Chancery Court. They maintain it’s an “inside” play that would “enrich” both CEO Bobby Kotick and co-chairman Brian Kelly “unjustly.” This is according to shareholder Douglas M Hayes.
If the sale were to be pushed through, it would result in shareholders maintaining some ownership, and Vivendi retaining a minority stake.