Analysts view the UK competition watchdog’s objections to Microsoft’s proposed acquisition of Activision Blizzard as “a signal that the merger is close to being approved”
In their note to investors, Wedbush’s McKay and Pachter suggested UK, EU and US regulators are involved in a game of one-upmanship.
“We believe that the CMA reached the same conclusion during its review, and accelerated its formal objection to the deal and proposed remedies in order to step in front of the FTC and gain bragging rights. The FTC has as yet to offer proposed remedies, and the CMA, by listing onerous structural remedies, has positioned itself to be the ‘dragon slayer’ in this action.”
“We continue to believe that Microsoft will agree to all of the CMA’s proposed behavioral remedies except for making Activision content available on competitor cloud gaming services. That sticking point could delay a favorable resolution in the UK, but we expect that the FTC and EU will seize on this sticking point to extract concessions of their own”.
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