Activision Blizzard (ATVI): A gaming company with strong franchises & IP, long term growth track record, and a merger arbitrage opportunity due to Microsoft takeover

Activision Blizzard is a gaming (interactive entertainment) company, which has agreed to be purchased by Microsoft in an all-cash offer of $95/share, forecast to close around April-June 2023. The shares are currently trading at ~$80.50, so there is a merger arbitrage opportunity: as the market is pricing in a possibility that the deal may fall apart, i.…