Shares of Activision Blizzard popped after a judge denied the Federal Trade Commission's injunction request to stop Microsoft from acquiring it.
Activision Blizzard's stock reached a 52-week high of $92.91 per share, and the move reflects the biggest jump for the video game publisher since the deal was first announced on Jan. 18, 2022. Activision Blizzard shares are also on track for their highest close since July 2021.for $68.7 billion, or $95 per share, but the acquisition has faced opposition in the U.S. and abroad over concerns that it could stifle competition.
A U.S. District Court for the Northern District of California issued the decision in favor of the companies Tuesday. "For the reasons explained, the Court finds the FTC has not shown a likelihood it will prevail on its claim this particular vertical merger in this specific industry may substantially lessen competition," Judge Jacqueline Scott Corley wrote inBut the deal isn't completely in the clear. The FTC can now bring the decision to the U.S.
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