Yes the Temporary Restraining Order says this :
Microsoft and Activision shall not close or consummate their proposed transaction or a substantially similar transaction until after 11:59 p.m. Pacific Time on the fifth business day after the Court rules on the FTC's request for a preliminary injunction under Federal Trade Commission Act § 13(b), 15 U.S.C. § 53(b), or a date set by the Court, whichever is later;
Now this wording is a little vague about when the clock on the 5 business days starts.
It just says 5th business day
after the court rules. Let's say the court rules today - 11th July - when is the 5th business day after that? The 17th July or 18th? If it's the latter then we are already at the point MS and ATVI need to extend their contract.
Also note the very last few words "or a
date set by the court,
whichever is later".
So with the ruling can come a longer period where the acquisition cannot be closed if the Judge feels that additional time is required for the FTC to consider an appeal.
Bobby - will he, won't he?

