Berkshire Hathaway Chairman and CEO Warren Buffett smiles and plays bridge after the Berkshire Hathaway Annual Shareholders Meeting on May 5, 2019 in Omaha, Nebraska .
Natty Harnik | Associated Press
warren buffett’s Berkshire Hathaway sold most of its shares Activision Blizzard as microsoft Deals to buy video game companies are nearing the finish line.
In a new move, the Omaha, Nebraska-based conglomerate disclosed its 1.9 percent stake in Activision Blizzard, holding 14,658,121 shares. 13G archive Posted Monday night. That compares with 6.3% at the end of March and 6.7% at the end of 2022.
Shares of Activision Blizzard surged more than 9 percent last week on news that the Federal Trade Commission failed to block Microsoft’s $68.7 billion acquisition of the video game publisher. Microsoft’s appeal against the UK regulator’s block on Monday was granted a two-month stay.
The stock closed Monday at $93.21 per share. In January 2022, Microsoft announced its intention to acquire Activision Blizzard for $95 per share.
The “Oracle of Omaha” previously revealed that one of his investing lieutenants, Ted Weschler and Todd Combs, made their first equity stakes in October and November 2021. Depending on Blizzard, the average cost is $77 per share.
The 92-year-old investing legend has since increased his stake in a merger arbitrage exercise, betting that Microsoft’s proposed takeover of the video game company will be completed.
Buffett revealed that he and his longtime business partner Charlie Munger started doing merger arbitrage five years ago, when it was called an “exercise.”