AP-FONDEN v. ACTIVISION BLIZZARD, INC.

C.A. No. 2022-1001-KSJM.

SJUNDE AP-FONDEN, Plaintiff, v. ACTIVISION BLIZZARD, INC., ROBERT KOTICK, BRIAN KELLY, ROBERT MORGADO, ROBERT CORTI, HENDRIK HARTONG III, CASEY WASSERMAN, PETER NOLAN, DAWN OSTROFF, BARRY MEYER, REVETA BOWERS, KERRY CARR, MICROSOFT CORPORATION, and ANCHORAGE MERGER SUB INC., Defendants.

Court of Chancery of Delaware.

Decided: February 29, 2024.

Corrected: March 19, 2024.


Attorney(s) appearing for the Case

Michael Hanrahan , Corinne Elise Amato , Kevin H. Davenport , Stacey A. Greenspan , Christine N. Chappelear , PRICKETT, JONES & ELLIOTT, P.A., Wilmington, Delaware; Lee D. Rudy , Eric L. Zagar , J. Daniel Albert , KESSLER TOPAZ MELTZER & CHECK, LLP, Radnor, Pennsylvania; Counsel for Plaintiff Sjunde AP-fonden.

Edward B. Micheletti , Lauren N. Rosenello , Michelle L. Davis , Peyton V. Carper , Claire K. Atwood , SKADDEN, ARPS, SLATE, MEAGHER & FLOM LLP, Wilmington, Delaware; Counsel for Defendants Activision Blizzard, Inc., Robert Kotick, Brian Kelly, Robert Morgado, Robert Corti, Hendrik Hartong III, Casey Wasserman, Peter Nolan, Dawn Ostroff, Barry Meyer, Reveta Bowers and Kerry Carr.

Elena C. Norman , Daniel M. Kirshenbaum , YOUNG CONAWAY STARGATT & TAYLOR, LLP, Wilmington, Delaware; Stephen P. Blake , Laura Lin , SIMPSON THACHER & BARTLETT LLP, Palo Alto, California; Sareen K. Armani , SIMPSON THACHER & BARTLETT LLP, Los Angeles, California; Counsel for Defendants Microsoft Corporation and Anchorage Merger Sub Inc.


MEMORANDUM OPINION

This action arises from the merger by which Microsoft Corporation acquired Activision Blizzard, Inc. The plaintiff, which owned stock in Activision, claims that the defendants violated multiple provisions of the Delaware General Corporation Law (the "DGCL") governing board negotiation and board and stockholder...

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