TheFTCfiled a notice of appeal in the federal court on Wednesday.

The merger proposal has a July 18 termination date.

She is scheduled to testify on Thursday at an oversight hearing before the House Judiciary Committee.

Microsoft Activision

Microsoft; Activision Blizzard

An administrative trial is scheduled to begin on Aug. 2.

The judges decision was to deny a preliminary injunction pending completion of FTC administrative action.

The FTC had sought the injunction to halt the merger before a July 18 termination date.

WGA West building in Hollywood

Microsoft is obligated to pay Activision a $3 billion termination fee, the judge noted.

In other words, Microsoft could make the Xbox exclusive to that game or other popular titles.

All of this conduct is inconsistent with an intent to foreclose, the judge wrote.