Warren Buffett said Berkshire Hathaway Inc's recent investment in Activision Blizzard Inc has been"no bonanza" for Berkshire, and was made without knowing the video game maker would receive a takeover offer from Microsoft Corp.
Buffett also said Berkshire had"no prior knowledge" that Microsoft was working on a $68.7 billion takeover of Activision, whose franchises include"Call of Duty" and"Candy Crush," announced on Jan. 18. Buffett sent his letter to various media that had reported on the investment, after one incorrectly said Berkshire paid an average of $66.53 per share for its Activision stake, not $77.Buffett said his investment manager could have amassed his stake after the merger was announced, when Activision sometimes traded at around $78 per share."His purchase was no bonanza of any sort for him or Berkshire," Buffett wrote.
The shares closed Thursday down 49 cents at $80.97, below Microsoft's $95 per share takeover offer. Analysts expect the merger will get tough antitrust scrutiny.