AssetID: 52905346
Headline: UNCAPTIONED: Microsoft and Activision Extend Deadline for Contested Acquisition
Caption: Microsoft and Activision Extend Deadline for Contested Acquisition. The Verge reports that Microsoft and Activision have agreed to extend the deadline on their massive merger to October 18. The news comes after the companies missed the original July 18 deadline. "The recent decision in the U.S. and approvals in 40 countries all validate that the deal is good for competition, players and the future of gaming.” The Verge reports that the high-profile deal is now pending the outcome of ongoing negotiations with regulators in the U.K. "Given global regulatory approvals and the companies’ confidence that CMA now recognizes there are remedies available to meet their concerns in the U.K., the Activision Blizzard and Microsoft boards of directors have authorized the companies not to terminate the deal until after October 18.” Lulu Cheng Meservey, Activision Blizzard’s CCO and EVP of corporate affairs, via Twitter. According to Microsoft Vice Chair and President Brad Smith, the extension is meant “to provide ample time to work through the final regulatory issues.” The Verge reports that the new deadline also comes with a higher termination fee and a new set of commercial arrangements. Both companies have agreed to a $3.5 billion termination fee if the deal fails to close by August 29. That fee jumps to $4.5 billion if the merger is not completed by September 15. Regulators in the U.K. blocked the deal over concerns about cloud gaming earlier this year. THIS VIDEO MUST NOT BE EDITED FOR LENGTH TO COMBINE WITH OTHER CONTENT
Keywords: Microsoft,Activision,Extend,Deadline,Contested,Acquisition,Merge,Massive,Game,Company,The Verge,Competition,Player,Future,Decision,United States
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