By Will Feuer

Shares of videogame maker Activision Blizzard Inc. tumbled more than 10% after the U.K.'s antitrust watchdog rejected Microsoft Corp.'s $75 billion deal to buy the company.

Activision stock fell more than 12%, to $76.21, in premarket trading. In January of 2022, Microsoft said it had agreed to buy the company for $95 a share in cash.

The U.K.'s Competition and Markets Authority said Wednesday that its investigation into the deal concluded that the combined company would have the incentive to withhold popular games from competitors and "substantially weaken competition in this important growing market."

Microsoft can appeal the decision. Antitrust lawyers said appeals can move relatively quickly in the U.K., but the threshold for overturning a CMA ruling is high. The appeals tribunal looks only at whether a decision was legal, rational and followed proper procedure.

Representatives for Microsoft didn't immediately respond to a request for comment.

Write to Will Feuer at Will.Feuer@wsj.com

(END) Dow Jones Newswires

April 26, 2023 07:28 ET (11:28 GMT)

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