Activision intervenes in Microsoft challenge to UK regulator's block
Reuters
Published Jun 10, 2023 10:34AM ET
LONDON (Reuters) - "Call of Duty" maker Activision Blizzard (NASDAQ:ATVI) has been given permission to intervene in Microsoft (NASDAQ:MSFT)'s legal battle with Britain's anti-trust regulator over its decision to block the $69 billion takeover.
Microsoft is appealing against the Competition and Markets Authority's (CMA) decision to veto the deal, which it did in April on the grounds it could hurt competition in the nascent cloud gaming market.
The shock decision jeopardises gaming's biggest-ever deal and drew a furious response from the companies, which questioned whether Britain remained open to tech firms.
Activision has now been given permission to intervene in Microsoft's appeal at the Competition Appeal Tribunal, which is expected to be heard next month. That means Activision will also be able to make their case to the tribunal.
At a preliminary hearing in May, Microsoft's lawyers accused the CMA of being a global "outlier" for blocking the Activision takeover, which has been approved by regulators including the European Union's competition authority.
The U.S. Federal Trade Commission has also blocked the deal, a decision which is under appeal by Microsoft.
Microsoft's president Brad Smith, who met Britain's finance minister for talks on Tuesday, said earlier this week that the company wants to address regulators' concerns about the Activision acquisition.
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.