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In
a letter released by Buffett's office on Thursday, Buffett said
one of his investment managers paid about $77 per share for
Berkshire's 14.7 million Activision shares, acquiring about 85%
of his position in October and the rest in November.
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.
He did not say which investment manager, Todd Combs or Ted
Weschler, made Berkshire's approximately $1.1 billion
investment.
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.
That report was later corrected.
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.
Activision shares fell in November amid accusations concerning
sexual harassment of employees and misconduct by several top
managers.
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.
Berkshire Vice Chairman Charlie Munger on Wednesday called
Activision chief Bobby Kotick "one of the smartest business
executives I know."
Munger spoke at the annual meeting of Daily Journal Corp, the
newspaper publisher and legal software company he chairs.
(Reporting by Jonathan Stempel in New York; Editing by Chris
Reese)
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