UPDATE 1-Activision shareholders reach $250 million settlement over Microsoft buyout

Shareholders in the maker of the "Call of ⁠Duty" ​video ⁠game, led by Swedish pension fund Sjunde AP-Fonden, accused former Activision ⁠Blizzard executives including Chief Executive Bobby Kotick of ​breaching their fiduciary duties to investors by agreeing ⁠to a $95 per share takeover price. The shareholders said ⁠Kotick ​rushed into the merger so he could keep his job and $400 million of ⁠change-of-control benefits.

Shareholders of Activision Blizzard reached a $250 million ‌settlement over allegations that the company's former executives and Microsoft shortchanged them when Microsoft acquired the ‌game maker for $75.4 billion in 2023, according ‌to a late Thursday court filing in a Delaware state court. Shareholders in the maker of the "Call of ⁠Duty" ​video ⁠game, led by Swedish pension fund Sjunde AP-Fonden, accused former Activision ⁠Blizzard executives including Chief Executive Bobby Kotick of ​breaching their fiduciary duties to investors by agreeing ⁠to a $95 per share takeover price.

The shareholders said ⁠Kotick ​rushed into the merger so he could keep his job and $400 million of ⁠change-of-control benefits. Microsoft and Kotick brought counterclaims against Sjunde, which will ⁠also ⁠be resolved in the settlement agreement.