In a rare ruling from the bench after oral argument, the Delaware Supreme Court reversed a preliminary injunction blocking an $8.2 billion transaction in which Vivendi had agreed to sell a large portion of its shares in Activision back to that company. Activision Blizzard, Inc. v. Hayes, No. 497, 2013 (Del. Oct. 10, 2013) (table). Activision had been operating as a majority-owned subsidiary of Vivendi and is the publisher of the “Call of Duty” video game franchise. After seeking other buyers for its Activision stake, Vivendi agreed to sell a substantial portion of the shares back to Activision and its officers. The Court of Chancery enjoined the transaction, holding that Activision had not obtained the required approval of its minority shareholders. Hayes v. Activision Blizzard, Inc., No. 8885 (Del. Ch. Sept. 18, 2013). In an expedited appeal, the Delaware Supreme Court reversed, holding that “there is no reasonable possibility of success on the merits.” That court concluded that the stock purchase transaction was “not a merger, business combination or similar transaction” for which the approval of minority shareholders was necessary