The Delaware Supreme Court has overturned a ruling that halted video game publisher
The unanimous Thursday decision clears the way for Santa Monica-based Activision -- the company behind the "Call of Duty" franchise -- and the investor group to close the $8.2-billion deal that will leave Paris-based Vivendi with a 12% stake in the company.
"A large overhang is removed," said Michael Pachter, a Wedbush Securities analyst who follows the company. "We have remained confident that the transactions would eventually close."
Pachter rates Activision's shares "outperform" and has a price target of $22.
Activision said in July that it would acquire 429 million shares from the Paris company for about $5.83 billion in cash, or $13.60 a share, as Vivendi is looking to shed assets.
Separately, Activision Chief Executive Bobby Kotick, Co-Chairman Brian Kelly and their investor group would buy about 172 million shares from Vivendi at a cost of $2.34 billion.
The deal is expected to close next week.
Representatives for Activision did not immediately respond to requests for comment, nor did a representative for Hayes.
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