Well arguably they could but once they hit 5% they would show up as a 5% holder and WDDD would ensure it put in a poison pill to prevent a hostile bid (if it came to that). The SEC requires those owning 5% or more of a company to report it.
In practice they likely would not, given legal issues etc. Ie if there has been an offer for a settlement one could argue they traded on inside info (as even if it was a low ball offer it would be material to $2 mil company and the share price, so it would be an issue with regulators) - so likely not.
Also, acquiring more than 5-10% of the company would be challenging (poison pill would be put in as I mentioned) and therefore any shares acquired wouldn't be much of a hedge.
But primarily, it wouldn't really be worth the legal / regulatory risk for a company like ATVI to bother.
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