Ubisoft Shareholder Plots Protest Outside Paris HQ, Accuses Company of Failing to Reveal 'Discussions' With Microsoft, EA, and Others Allegedly Interested in Acquiring IPs

A minority Ubisoft shareholder, AJ Investments, plans a protest outside the company's Paris headquarters. CEO Juraj Krúpa accuses Ubisoft of mismanagement, citing declining shareholder value, poor operational execution, and a failure to adapt to market trends. Krúpa alleges a lack of transparency regarding key decisions, including a reported Assassin's Creed Mirage DLC partnership with the Savvy Group and undisclosed discussions with Microsoft, EA, and other potential acquirers of Ubisoft's intellectual property, as detailed in a MergerMarket article. Ubisoft has been asked for comment.

Previously, Bloomberg reported discussions between Ubisoft's Guillemot family and Tencent to take the company private, following several high-profile game failures, cancellations, and a plummeting share price. These talks were exploratory, and Ubisoft stated it would update the market accordingly.

Ubisoft has faced a prolonged period of challenges, including numerous game failures, layoffs, studio closures, cancellations, and repeated game delays. Speculation continues regarding board proposals, with some suggesting Tencent's reluctance to fully acquire Ubisoft due to the Guillemot family's desire to maintain significant control. Without Tencent, finding a buyer with sufficient resources remains a challenge.

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Krúpa criticizes Ubisoft's handling of Assassin's Creed, citing multiple delays and revised guidance that negatively impacted retail investors while benefiting institutional investors. He alleges these actions were predictable and resulted in significant stock declines.

AJ Investments urges frustrated investors to join the May protest, believing management hasn't communicated appropriately. They note Ubisoft's management, advised by Goldman Sachs and JP Morgan, is conducting a strategic review. The protest, they say, aims to ensure this review enhances shareholder value; otherwise, it will be called off. AJ Investments emphasizes the need for transparency and accountability, stating Ubisoft's underperformance compared to industry peers demands urgent change. They also indicate a willingness to sue Ubisoft for misleading investors.

This isn't AJ Investment's first action; in September, they issued an open letter to Ubisoft's board, including CEO Yves Guillemot and Tencent, expressing dissatisfaction with the company's performance and share price, urging leadership changes and considering a sale, following the disappointing release of Star Wars Outlaws.