- The Federal Trade Commission is expected to seek an injunction to block Microsoft’s proposed acquisition of Activision Blizzard, a person familiar with the matter told CNBC.
- The FTC had already sued to block the $68.7 billion takeover, opting to bring the case before its internal administrative judge.
- The FTC is filing an injunction to prevent the acquisition from occurring before the July 18 transaction deadline.
FTC Chairwoman Lina Khan speaks during the House Energy and Commerce Subcommittee’s Innovation, Data and Commerce Subcommittee hearing on the “Federal Trade Commission’s Fiscal Year 2024 Budget” Tuesday, April 18, 2023, at the Rayburn Building out of.
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The Federal Trade Commission will seek an injunction Monday to block Microsoft’s proposed acquisition of Activision Blizzard, a person familiar with the matter told CNBC.
The FTC is filing an injunction to prevent the acquisition from occurring before the July 18 transaction deadline.
The FTC had already sued to block the $68.7 billion takeover, opting to bring the case before its internal administrative judge. Through this process-like process, the ALJ would make an initial decision that could be appealed to the full commission for a vote. Microsoft could then appeal to a federal court if the decision is not upheld. The case is scheduled to appear before the ALJ in August.
An appeal against the UK Competition and Markets Authority’s decision to block the merger is also scheduled for this summer, shortly after the takeover deadline.
“We welcome the opportunity to plead our case in federal court,” said Microsoft President Brad Smith. “We believe that accelerating the legal process in the United States will ultimately bring more choice and competition to the marketplace.”
Microsoft and Activision shares were roughly flat on Monday afternoon.
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