An attempt to block Activision’s merger with Vivendi has ended with a ruling issued by William B. Chandler III (left), chief judge of the Delaware Court of Chancery.
As reported by the Wall Street Journal Law Blog, the judge has apparently taken notice of what World of Warcraft – one of the leading assets in the merger – is all about.
In denying a municipal pension plan’s request for a preliminary injunction which would have put the Activision-Vivendi marriage on hold, Judge Chandler wrote:
In some ways, perhaps, the world of Mergers and Acquisitions is a massively multiplayer role playing game as well. Like in World of Warcraft… the participants in the M&A field take on certain roles, interact in their own community, hone specialized skills, and even develop a unique, somewhat curious vernacular.
One particular quest in the world of M&A is disclosure litigation. In the instance of disclosure litigation presently pending before this Court, the world of M&A meets the World of Warcraft.
In the role-playing game that is this disclosure litigation, both sides have played their respective roles well. Like any game, this one has rules, and the most essential rule of disclosure is materiality. Because the plaintiff could not establish the materiality of its final three disclosure claims, the motion for a preliminary injunction is denied. . . .GAME OVER.
GP: Very cool, indeed, your honor. Read the full decision here (31-page pdf).