An acquisition with twists and turns to be sure. I bought ATVI mostly before the acquisition when it was trading a very low levels. Then MSFT announced the acquisition and BRK acquired additional shares. So I have basically been treating ATVI as a cash alternative -- unlikely to go down since the acquisition seemed solid, but with attractive upside since the market seemed to be pricing it at a big discount to the $95/share acquisition price. So over the last 1.5 years, it grew into my single largest position because I basically stuffed any dividend payments and extra cash I would get into my account into ATVI. Seemed like a good risk/reward.

Then the UK came out with their decision and it didn't seem like such a sure thing anymore. It still felt safe in the sense that ATVI wasn't trading at a particularly rich valuation for their business, especially since their franchise game launches over the last year have been wildly successful. So it still felt safe to hold onto to the stock because the downside seemed limited even if the acquisition fell through. But it no longer seemed like it deserved such an outsized position.

Sold half of my shares, and still holding onto the other half. ATVI is no longer my largest position.

The position didn't end up having the upside that I hoped for, but it worked out reasonably well given that I didn't think the shares were getting much valuation lift from the acquisition until recently. Still have a lot of shares acquired pre-acquisition so those should work out well when I finally sell them or the acquisition goes through.

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