Activision Downgraded at Raymond James As Microsoft Deal Likely to Close Soon

Seekingalpha2023-07-12

Activision (NASDAQ:ATVI) was downgraded to market perform from outperform at Raymond James as the videogame maker's sale to Microsoft (NASDAQ:MSFT) is likely to close by a deadline of next Tuesday."...

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In addition, the UK anti-trust authority and Microsoft agreed to stay litigation in the regulator's attempt to block the combination.Microsoft (NASDAQ:MSFT) is offering to make a small divestiture to meet the objections of the UK's antitrust regulator to its planned Activision (ATVI) deal, according to CNBC's David Faber. Microsoft (MSFT) is offering a \"small and discrete\" divestiture to the UK's Competition and Markets Authority that it believes the regulator will accept.\"Given our view that the UK was the thorniest process to navigate, this shift significantly reduces the barriers that the deal faces in the market (and therefore, globally),\" Marok wrote.Raymond James' Marok said he's downgrading the stock to market perform from outperform given Tuesday's move in the stock and what is likely a near-term completion of the deal at its $95 a share deal price. 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