Douglas M. Hayes v. Activision Blizzard, Inc., et al.

Compass Lexecon was retained by Activision Blizzard, Inc. (Activision) in connection with litigation seeking to enjoin a transaction involving Activision’s repurchase of shares owned by majority shareholder Vivendi S.A. Compass Lexecon expert Kevin Dages submitted an affidavit in conjunction with the preliminary injunction hearing in which he provided economic evidence regarding the benefits of the proposed transaction to Activision and its shareholders. In the Delaware Chancery Court’s ruling, the Court acknowledged the benefits of the merger to Activision’s minority shareholders but granted an injunction based on its legal finding that the transaction constituted a business combination and thus required a shareholder vote. On appeal, the Delaware Supreme Court reversed the Chancery Court’s decision, finding that the transaction was not a business combination requiring a shareholder vote, and Activision consummated the repurchase transaction. Mr. Dages was supported by a team in the Chicago office headed by Cliff Ang and Jennifer Milliron. Compass Lexecon worked with Ed Welch, Ed Michelleti, Sarah Runnells Martin, and Lori Will of Skadden, Arps, Slate, Meagher & Flom LLP.