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If all goes according to plan, video game publisher Activision Inc.'s "Guitar Hero" will soon be rocking out with avatars of Vivendi SA's "World of Warcraft."
Activision said Wednesday that the Delaware Court of Chancery denied the Wayne County Employees' Retirement System's request for a preliminary injunction to halt a shareholder vote relating to Activision's proposal to combine with Vivendi Games Inc., the interactive entertainment business unit of French media conglomerate Vivendi. In February, the Detroit pension fund brought the suit, claiming directors of Santa Monica, Calif.-based Activision had not obtained the best deal for shareholders. Judge William B. Chandler III ruled that the pension fund failed to show that the additional information it wanted before the meeting was important to investors. Chandler appeared to be well versed in the gaming world and compared it with the world of M&A with references like: "In some ways, perhaps, the world of Mergers and Acquisitions is a massively multi-player role playing game as well. Like in World of Warcraft and other games, the participants in the M&A field take on certain roles, interact in their own community, hone specialized skills, and even develop a unique, somewhat curious vernacular." In denying the pension fund's request, the judge concluded: "Like any game, this one has rules, and the most essential rule of disclosure is materiality. Because the plaintiff could not establish the materiality of its final three disclosure claims, the motion for a preliminary injunction is denied. . . . GAME OVER." Activision's shareholders are now scheduled to vote on the deal on July 8. If passed, the deal is expected to close the following day. - Donna Block For more about consolidation amongst video game publishers, watch The Deal's Calendar below: Categories Deal Video
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