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The takeover of activision blizzard by microsoft: an analysis from a valuation perspective - impact of CSR performance on takeover premia and acquirer returns in public takeovers: a study on Europe and North America
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This work project determines the fair value of Activision Blizzard, Inc., one day before the acquisition
announcement by Microsoft Corporation on January 18, 2022. The valuation, encompassing
various intrinsic methods, including a synergies analysis, comparable companies and transactions
analyses, and a sum-of-the-parts valuation, suggests that Microsoft Corporation overpaid for the
acquisition of Activision Blizzard, Inc. Moreover, a regression analysis on public M&A
transactions in Europe and North America is conducted, finding a significant relationship between
CSR scores and both M&A premia and cumulative abnormal returns for targets and acquirers
around the acquisition announcement.
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M&A valuation Activision blizzard Cumulative abnormal returns Takeover premia