Activision Blizzard shareholders approve Microsoft buyout, but it’s not a done deal

Activision Blizzard’s shareholders have overwhelmingly approved Microsoft’s offer to buy the company for $95 a share. As Bloomberg points out, however, the vote doesn’t mean that the acquisition is a done deal, and the Wall Street crowd isn’t fully convinced it will happen. 

If big investors believed it were a sure thing, you’d expect them to buy up Activision Blizzard shares at any price below $95, since that’s what Microsoft is going to pay for them—it’s like buying a dollar for less than a dollar. Even if you’re only getting a tiny discount, you may as well take the deal. Activision Blizzard shares are currently going for $77, however. That’s a big discount, suggesting low confidence that the $95 per share buyout will actually happen.

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