(Reuters) – Activision Blizzard Inc shares rose Monday following Warren Buffett’s announcement that Berkshire Hathaway Inc, a subsidiary of NYSE: Inc, had acquired a 9.5% share in the video-game maker. Microsoft Corp (NASDAQ) is willing to acquire for $68.7 million

Buffett announced the approximate $5.6 Billion stake Saturday at Berkshire’s Annual Shareholder Meeting and stated that he could increase the stake to above 10%.

Activision shares were at $77.82 morning trading up 2.9% or $2.22 after rising to $78.22 earlier in the day.

The proposed takeover price of $95 per share by Microsoft for Activision is well below the current price. This shows investor uncertainty about whether antitrust regulators will allow the merger to proceed.

Buffett believed Berkshire was too pessimistic about the outcome of the merger and so Berkshire invested.

Activision and Microsoft did not respond immediately to our requests for comment.

One of Buffett’s portfolio managers at Berkshire had purchased Activision shares in the amount of $1.1 billion before the merger announcement on January 18. Buffett claimed that the higher investment was his.

Buffett stated, “We want it to be clear that Warren Buffett made the decision to make this change, and he does not know the Justice Department’s plans, nor the European Union’s. We do know that Microsoft has the money.