The point is that the contract was written by Microsoft and Activision to act this way. That multiple agencies across the planet need to all agree. This was SIGNED. Now you are arguing that the sticking point can be ignored?
The contract failed as written. That is the end of it. The agencies have the right to make their own decisions, they have no reason to change their minds just because some other country argue differently. And it is absolutely insane that fanboys are arguing that an agency powered to make decisions is somehow suppose to be peer pressured to change their minds for the financial benefit of Microsoft.
If Xbox want to kill itself by making it operate exclusively in USA and Brazil, that is the stupid decision they get to make themselves. I am starting to understand why some cults end with people setting themselves on fire.
It's just copium to try to not accept reality.
As you stated the current contract is dead and they all know it.
The conditions they decided by themselves to make this acquisition happen failed to materialize.
Microsoft and Activision can't really do anything about this deal until both parts re-negotiate the contract and find new terms that are approved by shareholders.
I really doubt that trying to leave the UK and act like a rogue company not accepting regulatory decisions is an option that will be signed in their next contract if they lose the appeal
Their only feasible choice is to go through the appeal and if it goes in their favour then hope that CMA won't ask divestement again in 2024.
The real question is if waiting that much is an option for them. Their lawyers seemed to suggest that no is the answer, but of course it might be a bluff.