on 18 Jan 2022, Microsoft announced to acquire Activision Blizzard for $95 per share, in an all-cash transaction valued at $68.7 billion. after the announcement, Activision. share jumped and gains 26%, while Microsoft's shares fell by 2.4%. for most M&A cases, the acquiring from shareholders seem to benefit little or even loss from a takeover. why do acquiring firm shareholders gain little or even lose from M&A deals? three reasons at least.