Microsoft-Activision Deal Spread Widens as Antitrust Fears Mount

Activision Blizzard Inc. shares sank further away from Microsoft Corp.’s proposed takeover price as investors grow concerned that the US antitrust regulators will block the $69 billion deal.

The videogame-maker’s stock fell 4.1% to $73.47 on Friday, while Microsoft Corp is offering $95 a share for the company. After the market closed Wednesday, Politico reported that the US Federal Trade Commission is likely to file an antitrust lawsuit to block the sale.

“An FTC block has been mostly, but not entirely, priced into the spread,” said Aaron Glick, a merger arbitrage specialist at Cowen & Co. “Many investors ...