A minority shareholder in Ubisoft, led by Juraj Krúpa of AJ Investments, is organizing a protest outside the company's Paris headquarters. The protest stems from accusations that Ubisoft has failed to disclose alleged discussions with Microsoft, EA, and other publishers interested in acquiring its franchises. Krúpa claims that Ubisoft is "horribly mismanaged" and demands a clear recovery plan from the senior team to address declining shareholder value, poor operational execution, and failure to adapt to market trends.
In a statement to IGN, Krúpa accused Ubisoft of lacking transparency in its decision-making, including not revealing an Assassin's Creed Mirage DLC partnership with the Saudi investment firm Savvy Group. He also referenced a restricted article by MergerMarket that reported discussions between Ubisoft and interested parties like Microsoft and EA about acquiring IPs, which Ubisoft did not disclose to the public.
IGN has reached out to Ubisoft for comment on these allegations.
This unrest follows reports from Bloomberg in October that Ubisoft's founding Guillemot family and shareholder Tencent were exploring options to take the company private, following a series of high-profile flops, game cancellations, and a significant drop in share price. Ubisoft responded by saying it would inform the market if and when appropriate.
Ubisoft has been facing challenges for several years, marked by a series of high-profile flops, layoffs, studio closures, game cancellations, and repeated delays. Amid these struggles, rumors persist about the board's considerations, with some suggesting Tencent's reluctance to proceed due to the Guillemots' desire to retain control. Without Tencent, few companies have the financial capacity to rescue Ubisoft.
Krúpa highlighted the repeated delays of Ubisoft's much-anticipated game, Assassin’s Creed Shadows, originally set for July 18, 2024, then delayed to November 15, 2024, and finally to March 20, 2025. These delays, according to Krúpa, led to severe stock declines, adversely affecting retail investors while benefiting corporate and institutional investors like Credit Agricole, Goldman Sachs, Morgan Stanley, and others.
AJ Investments is rallying all investors frustrated with Ubisoft's stagnant stock performance and lack of decisive action from management to join the protest in May. They are aware of Ubisoft's financial review of strategic options, advised by Goldman Sachs and JP Morgan, and expect results soon. Krúpa stated that if the review yields positive outcomes for shareholder value, the demonstration might be called off.
Krúpa emphasized the need for Ubisoft to maximize shareholder value and operate with transparency and accountability, pointing out the company's underperformance compared to industry peers. AJ Investments is prepared to sue Ubisoft for misleading investors.
This is not the first time AJ Investments has voiced discontent with Ubisoft. In September, following the disappointing release of Star Wars Outlaws, AJ Investments sent an open letter to Ubisoft's board and Tencent, urging a change in leadership and considering a sale due to the company's slumping share price.
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