The Federal Trade Commission (FTC) has filed a notice to appeal the court ruling permitting Microsoft’s acquisition of Activision Blizzard. However, with time running out, it seems unlikely that the regulator will be able to halt the deal.
The FTC submitted the filing late on Wednesday following a judge’s decision earlier in the week that determined the merger would not negatively impact competition among video game platforms. The hold on the deal is set to be lifted on Friday, while Microsoft (MSFT) and Activision (ATVI) have until July 18 to finalize the acquisition.
No specific details were provided by the FTC regarding its intent to appeal, and the commission has yet to respond to requests for further comment.
Brad Smith, President of Microsoft, expressed disappointment with the FTC’s decision, stating, “We’re disheartened that the FTC is persisting with a case that has been proven to be weak. We will strongly oppose any further attempts to delay our progress.”
In response to this development, Microsoft shares saw a 0.6% increase in premarket trading on Thursday, while Activision stock experienced a slight decline of 0.5%.