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Some Activision Blizzard shareholders are not happy with Microsoft's acquisition of its company and are saying that what happens is not in the best interest of the gaming company. These shareholders have already filed their lawsuit against the software giant from Redmond, Washington, and may want to have a new direction for the future.
Polygon reports that two shareholders of Activision Blizzard are suing the company and Microsoft for its current handling of the business, saying that these are not in the best interests of the company. The shareholders are focusing more on bringing the suit to the gaming company and its board of directors instead of Microsoft.
A shareholder named Kyle Watson said that the lawsuit focuses on what Activision Blizzard is doing and how it is "unfair for a number of reasons" to the concerned personalities.
Activision Blizzard's plan for the sale, described in an SEC filing, is unfair, and it does not adhere to the best interests of the company in its direction.
Activision Blizzard's board of directors is allegedly looking into putting themselves in a more significant position within the company, focusing on senior management roles. The new roles would also give them added benefits that would up their appreciation from the company, and that violates the Securities Exchange Act.
The shareholders are now focusing on the lawsuit that would call out the company regarding this behavior.
Microsoft's acquisition of Activision Blizzard was during a time when the company faced several issues amidst its internal operations and the way the company ran. Here, Activision-Blizzard CEO Bobby Kotick sent an email to their employees that confirmed the merger and that it will soon be going to the good graces of Microsoft.
Xbox head Phil Spencer did not condone what was happening on the gaming company and shared several words that might have been a massive effect on Microsoft's acquisition.
Nevertheless, Activision-Blizzard employees were hopeful of the acquisition to happen, especially as a handful were unhappy regarding the way it worked before.
Several months into 2022, the Activision-Blizzard acquisition and merger with Microsoft focused on the transition of the company to the software giant. However, while some were happy about the change of management, several shareholders are not that fond of Microsoft and the way they handle things over in the new environment.