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Activision Blizzard Shares Tumble 4.3% on News of 35M Share Sale by Vivendi

Financial News Network
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November 17, 2011 AT 2:27 AM
This morning, Vivendi announced that they are offering 35 million shares of Activision Blizzard (NASDAQ:ATVI) for sale at a price of $12.20-$12.30 each. Research firm Cowen Group noted that the sales represents 5% of their current stake in the company and does not anticipate any further sales. Vivendi's Universal Music Group recently announced that they would sell non-core assets as part of the deal to acquire EMI's Recorded Music unit for $1.9 Billion.Shares of Activision Blizzard are currently trading down 4.3% to $12.30 on the news.