Synopsis
Shareholders of Activision Blizzard reached a $250 million settlement over allegations that Microsoft and former executives of the maker of the "Call of Duty" video game shortchanged them when the software giant acquired it in 2023 for $75.4 billion, according to a late Thursday court filing in a Delaware state court.Listen to this article in summarized format
Shareholders in the maker of the "Call of Duty" video game, led by Swedish pension fund Sjunde AP-Fonden, accused former Activision Blizzard executives including Chief Executive Bobby Kotick of breaching their fiduciary duties to investors by agreeing to a $95 per share takeover price.
The shareholders said Kotick rushed into the merger so he could keep his job and $400 million of change-of-control benefits.
Microsoft and Kotick brought counterclaims against Sjunde, which will also be resolved in the settlement agreement.
