Vivendi: Activision Blizzard Hedge Transaction
June 11 2015 - 2:15PM
Business Wire
Regulatory News:
Vivendi (Paris:VIV) , seeking to benefit from the growth in the
US equity markets, today announced that it has hedged its remaining
41.5 million share stake in Activision Blizzard, representing 5.7%
of the company’s total common shares. This hedge was accomplished
through the entry into an approximate 18-month zero premium collar
transaction, on June 10, 2015 after close of trading. In
connection with this transaction, Barclays Bank Plc as counterparty
to the transaction effected a block sale of approximately 36
million Activision Blizzard shares borrowed in the market.
Following the entry into this transaction, Vivendi continues to
own 41.5 million shares in Activision Blizzard.
The objective of the transaction is to protect the value of
Vivendi’s shareholding in Activision Blizzard, while allowing
Vivendi to retain significant participation in further appreciation
of the Activision Blizzard share price during the term of the
collar.
About Vivendi
Vivendi is an integrated media and content group. The company
operates businesses throughout the media value chain, from talent
discovery to the creation, production and distribution of content.
The main subsidiaries of Vivendi comprise Canal+ Group and
Universal Music Group. Canal+ is the leading pay-TV operator in
France, and also serves markets in Africa, Poland and Vietnam.
Canal+ operations include Studiocanal, a leading European player in
production, sales and distribution of film and TV series. Universal
Music Group is the world leader in recorded music, music publishing
and merchandising, with more than 50 labels covering all genres. A
separate division, Vivendi Village, brings together Vivendi
Ticketing (ticketing in the UK and France), Wengo (experts
counseling), Watchever (subscription video-on-demand) and the
Paris-based concert venue L’Olympia. www.vivendi.com,
www.cultureswithvivendi.com, www.themediashaker.com
Important Disclaimers
Cautionary Note Regarding Forward Looking Statements. This press
release contains forward-looking statements with respect to the
financial condition, results of operations, business, strategy,
plans and outlook of Vivendi, including the impact of certain
transactions and the payment of dividends and distributions as well
as share repurchases. Although Vivendi believes that such
forward-looking statements are based on reasonable assumptions,
such statements are not guarantees of future performance. Actual
results may differ materially from the forward-looking statements
as a result of a number of risks and uncertainties, many of which
are outside our control, including but not limited to the risks
related to antitrust and other regulatory approvals as well as any
other approvals which may be required in connection with certain
transactions and the risks described in the documents Vivendi filed
with the Autorité des Marchés Financiers (French securities
regulator), which are also available in English on Vivendi's
website (www.vivendi.com). Investors and security holders may
obtain a free copy of documents filed by Vivendi with the Autorité
des Marchés Financiers at www.amf-france.org, or directly from
Vivendi. Accordingly, we caution you against relying on forward
looking statements. These forward-looking statements are made as of
the date of this press release and Vivendi disclaims any intention
or obligation to provide, update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise.
Unsponsored ADRs. Vivendi does not sponsor an American
Depositary Receipt (ADR) facility in respect of its shares. Any ADR
facility currently in existence is “unsponsored” and has no ties
whatsoever to Vivendi. Vivendi disclaims any liability in respect
of any such facility.
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