Yes, but temporarily, at least unless the CMA reverses its decision.
There is more to it.
They pay 3 billion when the deal is abandoned, which happens on July 18.
MS and ABK can get together and create a new acquisition agreement that essentially extends the deadline. However, it's not as simple as that comes with a few caveats:
- ABK will have to have their shareholders sign off on the acquisition one more time.
- ABK will now not settle for $3 billion. They will likely ask for $5B, $6B, or more as the next penalty.
- ABK shareholders will also likely ask for more than $95 per share now.
- Statistically, the chances of the deal going through (the chances of CAT making the CMA reverse their decision) is less than 5%. So someone at Microsoft will have to be the one to propose to the BoDs to buy ABK at more than $95 per share and pay them $6 billion in penalty if the acquisition fails (the chances of which is more than 95%). And ABK will have to convince their shareholders to say not to $3 billion now.
- And while all of this is happening, ABK cannot operate normally as they were independent. There may very well be a period where ABK does not have any marketing agreement with anyone (MS or Sony) for Call of Duty -- which will affect their revenue as well as their shareholders' decision.
And if they can't get the new agreement, the deal is off on July 18 and MS must pay $3 billion.