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Business deals

Activision Blizzard shareholders approve $68.7bn Microsoft deal

More than 98% in favor of transaction at California company's meeting

Activision Blizzard had produced numerous hit games, including Call of Duty.   © Reuters

(Reuters) -- Videogame publisher Activision Blizzard Inc said on Thursday that its shareholders approved Microsoft Corp's $68.7 billion proposal to buy the "Call of Duty" maker.

More than 98% of the shares voted at a special meeting held earlier in the day were in favor of the proposed transaction, the Santa Monica, California-based company said.

Microsoft said in January it had agreed to acquire Activision Blizzard for $95 per share in the biggest gaming industry deal in history as global technology giants stake their claims to a virtual future.

Activision, which is facing backlash over its response to allegations of internal sexual harassment and discrimination against female employees, missed estimates for first-quarter adjusted sales on Monday, hit by low demand for its latest title "Call of Duty: Vanguard".

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