U.K. competition watchdog extends deadline for Microsoft-Activision merger

Investing.com -- The U.K.'s competition watchdog has extended the deadline for the proposed $69 billion merger between Microsoft (NASDAQ:MSFT) and Activision Blizzard (NASDAQ:ATVI), in the latest sign that the regulator's opposition to the biggest deal in the history of the video game industry may be softening.

The Competition and Markets Authority said on Friday it had received a "detailed and complex submission" from Microsoft in which the tech giant had presented "material changes" in the terms of its acquisition of Activision.

In a statement signed by group chair Martin Coleman, the CMA noted that there is not enough time before the deal's current July 18 deadline for "full and proper consideration" of Microsoft's potential revisions. As a result, the CMA argued that there are reasons to move that date back to Aug. 29.

"However, the Inquiry Group aims to discharge its duty as soon as possible and in advance of this date," the CMA said.

Earlier this week, the regulator announced that it was open to considering a restructured tie-up between Microsoft and "Call of Duty"-maker Activision that satisfied its concerns. The CMA previously blocked the deal in April, citing worries that the move would crowd out competition and hurt consumers.