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So basically Microsoft has to.

  1. Find a way around CMA's block against them in acquiring any % of Activision-Blizzard-King.
  2. Find a way around CMA's fines for ignoring their order of $5b-$10bn.

I believe #2 can be done via the regular courts and Microsoft can fight either the fine itself or the amount.

But if CAT sides with CMA then I really don't see how Microsoft fights it. CAT would surely then side with CMA on #1 and #2.

And even if they pull Activision out of UK, CMA still has a worldwide acquisition restriction on them, and CMA can still fine Microsoft itself, Lol.

Unprecedented times, it's probably why this whole thing is so confusing.