Activision Blizzard (ATVI) shares edged lower Thursday after competition watchdogs in Britain said they would need more time for a deeper probe into the impact of Microsoft's (MSFT) proposed $69 billion acquisition of the video game maker.
The Competition and Markets Authority said the deal, which would value the 'World of Warcraft' and 'Call of Duty' maker at $95 per share, "may be expected to result in a substantial lessening of competition within a market or markets in the United Kingdom."
The Watchdog expanded its probe into the deal, which it first opened in July, to a so-called 'Phase 2' investigation, after it said Microsoft failed to offer remedies that would mitigate its concerns.
The U.S. Federal Trade Commission is also reviewing the deal, Activision said in March, while Microsoft is seeking approvals in at least 17 different jurisdictions before the deal can be closed sometime next year.
Activision shares were marked 0.1% higher Thursday to change hands at $76.62 each. Microsoft shares, meanwhile, slipped 2.2% lower to $246.64 each.
Billionaire investor Warren Buffett's Berkshire Hathaway BRK.A investment group has continued to boost its stake in Activision, however, even amid the ongoing regulatory concerns.
Last month, Securities and Exchange Commission filings indicated his stake in the group, as of June 30, expanded to 68.4 million shares, or around $5.3 billion.
Earlier this year, Buffett told attendees at the Berkshire AGM that he "doesn't know what the Justice Department will do" as it looks into allegations of insider trading in Activision shares.
The DoJ issued a grand jury subpoena to video game maker in April, following option purchases by three different investors -- Barry Diller, David Geffen and Alexander von Furstenberg -- just prior to when Microsoft's $69 billion takeover was announced in January.
