Thursday 9 Feb 2023 In a statement released on Wed 8 February, the UK’s Competition and Market’s Authority provisionally concluded that: Microsoft’s proposed acquisition of Activision could result in higher prices, fewer choices, or less innovation for UK gamers. UK CMA Provisional Conclusion, 8 Feb 2023 A key concern was that the merger would makeContinue reading “What are the key concerns the UK’s CMA is raising about the ATVI-MSFT merger?”
Tag Archives: MSFT
Key risks to monitor in merger-arb investments
Thursday 2nd February 2023 I recently wrote up a buy thesis on Activision Blizzard highlighting the reasons why I thought Microsoft would likely close its acquisition of it by September. Microsoft (the acquirer) has said they would buy out all shares in Activision Blizzard (the target) using cash for $68.7bn, or $95 per share. IContinue reading “Key risks to monitor in merger-arb investments”
Buy ATVI? Heads I win, Tails I win?
Sunday 22nd January 2023 Thesis BUY Activision Blizzard (ATVI) shares for $75 in anticipation of Microsoft (MSFT) acquiring them for $95 in September 2023, after the likely approval by US, UK and EU competition committees. If successful, it returns 27% in 8 months, representing a 36% annualised rate of return. If the deal doesn’t goContinue reading “Buy ATVI? Heads I win, Tails I win?”
The Equity Analyst 