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IN RE ACTIVISION BLIZZARD, INC.

C.A. No. 8885-VCL.

86 A.3d 531 (2014)

In re ACTIVISION BLIZZARD, INC. Stockholder Litigation.

Court of Chancery of Delaware.

Decided: February 21, 2014.

Attorney(s) appearing for the Case

Joel Friedlander , Jeffrey M. Gorris , Albert J. Carroll , Bouchard Margules & Friedlander, P.A., Wilmington, Delaware; Jessica Zeldin , Rosenthal, Monhait & Goddess, P.A., Wilmington, Delaware; Lawrence P. Eagel , Jeffrey H. Squire , Bragar Eagel & Squire, PC, New York, New York; Attorneys for Plaintiff.

Raymond J. DiCamillo , Susan M. Hannigan , Richards, Layton & Finger, P.A., Wilmington, Delaware; Joel A. Feuer , Michael M. Farhang , Alexander K. Mircheff , Gibson, Dunn & Crutcher LLP, Los Angeles, California; Attorneys for Defendants Vivendi S.A., Philippe Capron, Frédéric Crépin, Régis Turrini, Lucian Grainge, Jean-Yves Charlier, and Jean-François Dubos.

R. Judson Scaggs, Jr. , Shannon E. German , Angela C. Whitesell , Morris, Nichols, Arsht & Tunnell, Wilmington, Delaware; Robert A. Sacks , Diane L. McGimsey , Sullivan & Cromwell LLP, Los Angeles, California; William H. Wagener , Sullivan & Cromwell LLP, New York, New York; Attorneys for Defendants Robert A. Kotick, Brian G. Kelly, ASAC II LP, and ASAC II LLC.

Collins J. Seitz, Jr. , Garrett B. Moritz , Anthony A. Rickey , Seitz Ross Aronstam & Moritz LLP, Wilmington, Delaware; William Savitt , Ryan A. McLeod , Wachtell, Lipton, Rosen & Katz, New York, New York; Attorneys for Defendants Robert J. Corti, Robert J. Morgado, and Richard Sarnoff.

Edward P. Welch , Edward B. Micheletti , Sarah Runnells Martin , Lori W. Will , Skadden, Arps, Slate, Meagher & Flom LLP, Wilmington, Delaware; Attorneys for Nominal Defendant, Activision Blizzard, Inc.

OPINION

LASTER, Vice Chancellor.

Plaintiff Anthony Pacchia has challenged a transaction through which Activision Blizzard, Inc. ("Activision" or the "Company") and an entity controlled by Activision's two senior officers acquired over 50% of the Company's outstanding shares from Vivendi S.A., its controlling stockholder, for approximately $8 billion in cash. The plaintiff contends that Vivendi and the members of the Activision board of directors (the "Board...

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