"NEW YORK - Shares of Activision Inc. hit a record high Friday after the video game publisher reported profit and sales that soared past guidance and Wall Street's expectations.
The Santa Monica, Calif.-based company's stock jumped $2.01, or 7.3 percent, to $29.71 Friday, after earlier hitting an all-time high of $30.15. The stock movement could make Activision's pending acquisition by French media conglomerate Vivendi SA more valuable.
Activision said Thursday the deal is on track to close in the next few weeks. The new publicly held company, to be called Activision Blizzard, will rival Electronic Arts Inc. as the world's largest video game publisher. Vivendi will own a 52 percent stake.
As part of the deal, shares of Vivendi Games will be converted into 295.3 million new shares of Activision at $27.50 per share, for a value of $8.1 billion. The deal also calls for Vivendi to purchase 62.9 million newly issued Activision shares the same price."
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