AUG. 13, 2008 • Despite current market share prices higher than the price guaranteed to Activision Inc. shareholders prior to the Activision Blizzard merger, Continental Stock Transfer & Trust Co. advised Activision Blizzard that 86,000 shares had been properly tendered. That number, in the amount of $2.37 million, is far less than Activision offered to purchase. The company also announced that its stock split will take effect on August 25. The split will result in common shares outstanding of 1.3 billion.

Impact: Tendering shares at far below the current going rate is a sure boneheaded way to lose money. Electronic Arts likes to claim that it is still the largest independent software publisher. However, investors seem to think differently. At the time of the stick split, the market valued Activision Blizzard at over $21 billion, versus only $15 billion for EA.