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 shareholder in Ubisoft, AJ Investments, is organizing a protest outside the company's Paris headquarters. They accuse Ubisoft of failing to disclose alleged acquisition discussions with Microsoft, EA, and other publishers, citing mismanagement and declining shareholder value. AJ Investments CEO Juraj Krúpa claims Ubisoft is "horribly mismanaged" and demands a clear recovery roadmap addressing operational shortcomings and market adaptation failures.

Krúpa alleges a lack of transparency surrounding key decisions, including the undisclosed Assassin's Creed Mirage DLC partnership with the Savvy Group. He points to a MergerMarket article (access restricted) reporting discussions between Ubisoft and potential IP acquirers like Microsoft and EA, claiming management withheld this information from the public.

Ubisoft has been contacted for comment by IGN. Previously, Bloomberg reported discussions between the Guillemot family, Ubisoft's founders, and Tencent about taking the company private following several high-profile game failures, cancellations, and a share price collapse. At the time, Ubisoft stated it would inform the market when appropriate.

Ubisoft has experienced a prolonged period of underperformance, marked by numerous game failures, layoffs, studio closures, cancellations, and repeated delays. Speculation continues regarding board proposals, with some suggesting Tencent's reluctance to fully acquire Ubisoft due to the Guillemot family's desire to retain significant control. Without Tencent, few companies possess the resources for a potential acquisition.

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Krúpa's statement criticizes the multiple delays of Assassin's Creed, initially scheduled for July 18, 2024, then postponed to November 15, 2024, and finally to March 20, 2025. These delays, coupled with revised financial guidance, caused significant stock declines, disproportionately affecting retail investors. Krúpa suggests this benefited institutional investors buying at lower prices.

Citing inadequate communication with shareholders, AJ Investments urges frustrated investors to join the May protest. Krúpa notes Ubisoft's management is conducting a strategic options review with Goldman Sachs and JP Morgan, expecting results in the coming months. The protest, he says, will be called off if the review demonstrably increases shareholder value.

AJ Investments states its willingness to sue Ubisoft for allegedly misleading investors. This isn't the first such action; in September, they issued an open letter to the 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 launch of Star Wars Outlaws.