Activision Blizzard’s stock price jumped more than 11% on Tuesday, after a federal judge paved the way for Microsoft to acquire the video game giant despite a federal lawsuit alleging the merger would stifle competition.
... [+]Copyright 2023 The Associated Press. All rights reservedActivision Blizzard started the morning at just under $83 a share, before surging to $92.06 as of 1:15 p.m., roughly two hours after federal Judge Jacqueline Scott Corley turned down the Federal Trade Commission’s request to temporarily block the Microsoft-Activision merger on antitrust grounds.
Microsoft’s stock price hasn’t had the same spike, starting the day around $332 a share before dipping to around $327 around 10 a.m. and then returning $332.At just over $92 per share, Activision Blizzard is still trading below the $95 per share that Microsoft offered to acquire the company—suggesting some investors are uncertain about whether the deal will go through. The FTC could appeal the judge’s ruling or continue its court fight, and Microsoft is still negotiating with U.K.
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