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Microsoft CDR (CAD Hedged)
Symbol MSFT
Shares Issued 8,850,000
Close 2023-07-13 C$ 25.52
Market Cap C$ 225,852,000
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Globe/wire say FTC crimping Microsoft-Activision deal

2023-07-14 07:37 ET - In the News

The Globe and Mail reports in its Friday edition that the U.S. Federal Trade Commission asked a federal court on Thursday for a stay that would prevent Microsoft from closing its purchase of Activision Blizzard. A Reuters dispatch to The Globe reports that a federal judge had ruled for Microsoft on Tuesday, saying the FTC had failed to show the deal would be illegal under antitrust law. The FTC appealed that loss on Wednesday. In its motion, the FTC asked for an order that would prevent the deal from closing until after the 9th U.S. Circuit Court of Appeals has ruled on a separate stay request filed with that court. Any outstanding regulatory hurdle makes it likely the deal between Microsoft and Activision will expire on July 18 without it having been completed. After July 18, either company will be free to walk away from the deal unless they negotiate an extension. In its motion for the stay to Judge Jacqueline Scott Corley, the FTC argued her denial of a preliminary injunction to halt the deal "raises serious, substantial issues for the Court of Appeals to resolve." Specifically, the FTC said she had applied the wrong standard in considering the agency's request for a preliminary injunction.

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