Activision Blizzard / Microsoft

Allen & Company’s fairness opinion behind a $95.00-a-share sign-off: the DCF, selected-companies, and premiums-paid analyses in the biggest gaming deal.

40 sections, 131,166 words.

  1. Proxy Summary9,115 words
  2. Questions and Answers6,282 words
  3. Forward-looking Statements574 words
  4. The Special Meeting3,140 words
  5. Parties Involved in the Merger557 words
  6. The Merger641 words
  7. Background of the Merger8,232 words
  8. Reasons for the Merger6,698 words
  9. Opinion of Activision Blizzard’s Financial Advisor3,181 words
  10. Cy2023e EBITDA​422 words
  11. LTM EBITDA​1,494 words
  12. Interests of the Non-Employee Directors and Executive Officers of Activision Blizzard in…10,597 words
  13. Terms of the Merger Agreement13,884 words
  14. Proposal 2: Advisory Vote on Merger-related Executive Compensation Arrangements595 words
  15. Proposal 3: Adjournment of the Special Meeting387 words
  16. Security Ownership of Certain Beneficial Owners and Management2,328 words
  17. Appraisal Rights4,347 words
  18. Future Stockholder Proposals351 words
  19. Householding Information226 words
  20. Where You Can Find More Information583 words
  21. Miscellaneous207 words
  22. The Merger1,005 words
  23. Waiver of Jury Trial302 words
  24. Agreement and Plan of Merger90 words
  25. Recitals270 words
  26. Agreement54 words
  27. Article I Definitions & Interpretations8,615 words
  28. Article II the Merger5,375 words
  29. Article III Representations and Warranties of the Company12,213 words
  30. Article IV Representations and Warranties of Parent and Merger Sub2,218 words
  31. Article V Interim Operations of the Company5,266 words
  32. Article VI Additional Covenants9,477 words
  33. Article VII Conditions to the Merger664 words
  34. Article VIII Termination, Amendment and Waiver3,107 words
  35. Article IX General Provisions2,472 words
  36. Microsoft Corporation53 words
  37. Anchorage Merger Sub Inc55 words
  38. Activision Blizzard, Inc54 words
  39. Annex B — Section 262 of the General Corporation Law of the State of Delaware3,441 words
  40. Annex C — Opinion of Allen & Company LLC2,594 words

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