Microsoft, UK's Competition And Markets Authority Seek Extension For $69B Activision Deal

In a bid to overcome opposition to its proposed $69 billion acquisition of video game maker Activision Blizzard Inc (NASDAQ: ATVI), Microsoft Corp (NASDAQ: MSFT) and the U.K.'s Competition and Markets Authority (CMA) have jointly sought additional time from London's Competition Appeal Tribunal (CAT).

Efforts were made on Monday as lawyers representing Microsoft and the CMA presented their case to Judge Marcus Smith, seeking a delay in a scheduled hearing, according to The Washington Post.

See Also: Microsoft-Activision Acquisition Clears Another Hurdle As FTC's Appeal To Block The Deal Falls Through

This would "allow the CMA and the parties to engage swiftly and constructively in relation to Microsoft's proposals," Reuters reported.

Last week, the U.S. Federal Trade Commission (FTC), which strongly opposed the deal, encountered a significant setback when a federal court dismissed its application to temporarily halt the deal.

Shortly after, the CMA announced it would reconsider a revised proposal and stated that a restructured agreement might address its concerns, pending a fresh investigation.

Judge Smith expressed his intention to closely examine the "troubling application" for postponing the appeal, especially since a previous request for delay was rejected.

Moreover, the judge sought guarantees from CMA that its decision to request a delay and provide Microsoft another opportunity was not influenced by the FTC's inability to block the deal.

"We’re grateful the UK’s Competition Appeal Tribunal has conditionally agreed to pause the formal appeal process subject to additional information." a Microsoft spokesperson said.

"As we’ve said before, we are considering how the transaction might be modified to address the CMA’s concerns. Microsoft and Activision Blizzard have agreed with the CMA that this is in the best interest of finding a prompt path forward," the spokesperson added.

On Sunday, another positive indicator of the deal gaining traction arose when Microsoft announced a 10-year agreement with Sony Group Corp (NYSE: SONY) to retain the popular Call of Duty video game series on the PlayStation console if the merger is successfully completed.

Read Next: 'Call of Duty' Stays In PlayStation Arsenal As Sony, Microsoft Reportedly Strike 10-Year Deal

Photo: TippaPatt on Shutterstock and logos on Wikipedia.