Activision Blizzard is being removed from the Nasdaq-100 Index.
In a sign that Microsoft is looking to close its purchase of Activision Blizzard as soon as possible, Nasdaq announced that Activision Blizzard’s listing will be removed before the start of trading on Monday, July 17, and replaced by the Trade Desk, Inc. The removal comes just one day before an agreed-upon deadline to complete the deal before Activision Blizzard could claim a $3 billion termination fee.
The company’s removal from the Nasdaq comes just days after it was announced that Microsoft had won its case against the FTC. That case, should the FTC have won, would’ve placed a preliminary injunction on the deal until after a decision in FTC’s case against Microsoft that starts on August 2. Instead, Judge Jacqueline Scott Corley ruled in favor of Microsoft.
With the decision in place, Microsoft can move forward with its purchase. However, there are other potential obstacles including the UK CMA’s case against the deal. On that front, at least, it was announced that the CMA, Activision Blizzard, and Microsoft are working to reach an out-of-court agreement on the deal after the court ruled in favor of Microsoft in San Francisco.
Another obstacle is the appeal from the FTC on the ruling. That said, the deal may close before the appeal is heard if a temporary restraining order isn’t extended before its July 14 expiration.
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Did the company’s removal from the Nasdaq have any immediate financial consequences?