Microsoft and Activision Blizzard have agreed to extend the deadline for their $69 billion merger agreement until October 18, 2023. The original deadline was July 18, 2023.
On Wednesday, July 19, 2023, the extension was declared. The businesses stated that they are still seeking to obtain regulatory permission for the transaction and that they would need additional time to do so.
The prolongation has raised that termination fee to $3.5 billion. The price will rise to $4.5 billion if the transaction does not close by September 15.
According to CNBC.com, If Microsoft had not extended the deal deadline, the company could have been on the hook for a $3 billion breakup fee to Activision Blizzard. By extending the period for the companies to close their transaction, Microsoft and Activision are giving themselves more time to satisfy regulators’ concerns and to get it over the line.
“We are confident about our prospects for getting this deal across the finish line,” Smith said.
“Together with @Activision, we are announcing the extension of our merger agreement to 10/18 to provide ample time to work through the final regulatory issues,” Brad Smith, Microsoft’s vice chair and president, said in a Twitter post on Wednesday.
Activision Blizzard said that it is also confident that the deal will be approved.
“We are committed to completing this transaction and creating a premier entertainment company,” said Bobby Kotick, Activision Blizzard’s CEO. “We believe that this is the best path forward for our company and our shareholders.”
Microsoft and Activision Blizzard now have until October 18 to obtain regulatory approval for the transaction as a result of the deadline extension. Microsoft will be responsible for paying Activision Blizzard a $3 billion breakup fee if the transaction is not approved by then.
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