Microsoft (MSFT.O) and Activision Blizzard (ATVI.O) asked a U.S. judge on Wednesday to expedite the Federal Trade Commission’s lawsuit to prevent the $69 billion takeover.
On Tuesday, U.S. District Judge Edward Davila ordered a June 22-23 evidentiary hearing in San Francisco and temporarily stopped the businesses from completing the purchase until a decision by another judge on the same court on a preliminary injunction.
The hearing will decide whether to postpone the deal until an administrative judge rules. The corporations said a temporary suspension would force them to abandon the deal due to the FTC’s “glacial” pace.
“Time is of the essence,” the companies stated in a court filing, stressing that the pact has a July 18 termination date and a $3 billion Microsoft termination fee.
“Let there be no doubt, a preliminary injunction ruling is the only decision that matters under these challenging deadlines.”
FTC said nothing.
The companies requested a five-day evidentiary hearing from June 22 to June 26. They requested a Thursday case management conference and a longer evidentiary hearing without delaying a resolution.
Microsoft and Activision claimed that if the court approves the FTC preliminary injunction, “it will effectively block the transaction because the FTC’s process is ‘glacial’ and one no substantial business transaction could ever survive,” referencing a 1986 case.
FTC administrative procedure hearings begin Aug. 2.
The FTC claims the purchase would give Microsoft’s Xbox exclusive access to Activision titles, excluding Nintendo (7974.T) and Sony Group Corp.’s (6758.T) PlayStation.
In May, the EU authorized Microsoft’s acquisition of “Call of Duty” video game creator, while British competition authorities vetoed it in April.