Ubisoft Shareholder Protests at Paris HQ, Alleges Hidden Acquisition Talks with Microsoft, EA

A minority shareholder in Ubisoft, represented by AJ Investments and led by CEO Juraj Krúpa, 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 criticizes Ubisoft's management for "horrible mismanagement," declining shareholder value, poor operational execution, and a failure to adapt to market trends. He also accuses the company of lacking transparency in its decision-making processes, specifically citing undisclosed discussions and a partnership with the Saudi investment firm Savvy Group for an Assassin's Creed Mirage DLC.

Krúpa referenced a restricted article from MergerMarket that reported on these discussions, which Ubisoft allegedly did not disclose to the public. IGN has reached out to Ubisoft for comment on these allegations.

In October, Bloomberg reported 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 stating they would inform the market if and when appropriate.

Ubisoft has been facing a challenging period, marked by high-profile flops, layoffs, studio closures, game cancellations, and repeated delays. Rumors suggest that the board is considering various proposals, with some reports indicating Tencent's hesitation to invest further due to the Guillemot family's desire to retain control. Without Tencent's backing, few companies have the financial capacity to support Ubisoft.

Krúpa specifically criticized the delays of Assassin’s Creed Shadows, initially postponed from July 18, 2024, to November 15, 2024, and then further delayed to March 20, 2025. These delays led to revised financial guidance and significant stock declines, impacting retail investors more severely than institutional investors who could buy at lower prices.

AJ Investments is calling on all frustrated Ubisoft investors to join the protest in May, demanding better communication and decisive action from the management. Krúpa mentioned that Ubisoft's management, with the help of Goldman Sachs and JP Morgan, is reviewing strategic options, and the protest aims to pressure them to increase shareholder value. If the review yields positive results, AJ Investments will cancel the demonstration.

Krúpa emphasized the need for transparency and accountability, pointing out Ubisoft's underperformance compared to industry peers. AJ Investments has also threatened legal action against Ubisoft for allegedly misleading investors.

This is not the first time AJ Investments has expressed discontent with Ubisoft. In September, following the disappointing launch 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 significant drop in share price.

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