The Delaware Supreme Court unanimously reversed a lower court ruling that put a temporary injunction on Activision Blizzard‘s plan to buy back most of Vivendi’s stake in the video game maker for $8.2 billion.
With the injunction lifted, Activision Blizzard can move forward with the plan. In a hearing on Wednesday, lawyers for Activision Blizzard argued that the provision was inapplicable, since it applied only to a merger, while the company’s plan was a stock repurchase.
The court agreed, and reversed the lower court's ruling made last month by Vice Chancellor J. Travis Laster, of the lower Delaware Court of Chancery. He put an injunction on the deal at the request of several shareholders who filed lawsuits against Activision Blizzard and its top executives.
The deal is expected to be completed by next week.