There may be some newfound skepticism that Microsoft's acquisition of Activision Blizzard will go through, based on signs from Wall Street. This comes amidst a prediction that US President Joe Biden's antitrust enforcers could possibly derail the pending deal. Shareholders will vote today about whether or not the company should sell, which, if successful, will see Microsoft pay $95 per share or $75 billion in total for the sale.

Activision Blizzard has faced a challenging period, with lower revenue and Call of Duty sales, and the loss of 60 million players in a year potentially dragging down investor confidence in the company. There's also the matter of the Federal Trade Commission serving as a hurdle for the Microsoft acquisition. Additionally, some activist investor groups are asking shareholders to vote against the deal due in part to a potential golden parachute for Activision Chief Executive Officer Bobby Kotick, who is expected to leave the company after Microsoft takes over.

That Activision Blizzard's stock price is so much lower than Microsoft's offer could be viewed as unusual, as acquiring at under 25% of Microsoft's offer could in theory earn investors some free cash once the deal is completed. Even if the sale is approved by shareholders, Microsoft still has to deal with an FTC review. Led by Lina Khan, the FTC has taken a more active approach in reviewing deals, which has seen Nvidia's proposed acquisition of ARM Ltd. and Lockheed Martin Corp.'s bid to acquire Aerojet Rocketdyne Holdings Inc. called off.