Activision Blizzard (ATVI)

And so if your shareholders decide to kind of go along for the ride here, it’s obviously going to have a material impact on the share count. So do you have to get the tender done? Would you leave all those shares outstanding? How should we think about that?

Thomas Tippl  – Activision - CFO

Well, we think that’s the beauty of the way we structured the transaction. We are not forcing any of our shareholders out. We are very excited about the transaction. We think the future is bright for this combined Company, and so for shareholders that share that same vision, they can make their decision and stay on with the Company. And we’ll see how that vote turns out as we get into the tender period.

So from our perspective, of course, if the tender is not fully subscribed, we will have a significant amount of cash on our balance sheet, which we will then review how to put to best use and, as always we’ve done in the past, if we find opportunities that we think are accretive and deliver a higher return on invested capital, well invest there. And, if not, we’ll sit down with the board and then we’ll decide how to return it to shareholders.

8