A minority shareholder in Ubisoft, led by Juraj Krúpa, CEO of AJ Investments, is organizing a protest outside the company's Paris headquarters. Krúpa accuses Ubisoft of poor management and a lack of transparency, particularly regarding alleged discussions with Microsoft, EA, and other publishers interested in acquiring its franchises. He claims Ubisoft has been "horribly mismanaged" and demands a clear recovery plan from the senior team to address declining shareholder value and operational issues.
Krúpa's accusations extend to Ubisoft's failure to disclose information about an Assassin's Creed Mirage DLC partnership with the Saudi investment firm Savvy Group. He also references a restricted article from MergerMarket that suggested discussions about acquiring Ubisoft's IPs were underway, yet Ubisoft did not inform the public.
In response to these issues, IGN has sought comment from Ubisoft. Previously, Bloomberg reported in October that Ubisoft's founding Guillemot family and shareholder Tencent were exploring the possibility of taking the company private due to a series of high-profile flops, game cancellations, and a plummeting share price. Ubisoft stated it would inform the market if necessary.
Ubisoft has been facing challenges for several years, marked by flops, layoffs, studio closures, and repeated game delays. Rumors suggest that Tencent might be hesitant to proceed due to the Guillemot family's desire to retain significant control over the company. Without Tencent's involvement, few other entities have the resources to potentially rescue Ubisoft.
Krúpa highlighted the repeated delays of Assassin's Creed Shadows, initially postponed from July 18, 2024, to November 15, 2024, and then again to March 20, 2025. These delays, according to Krúpa, led to severe stock declines, primarily affecting retail investors while benefiting corporate and institutional investors.
AJ Investments is calling on all frustrated Ubisoft investors to join the May protest, emphasizing the need for Ubisoft's management to communicate more effectively with shareholders. Krúpa mentioned that Ubisoft's management, advised by Goldman Sachs and JP Morgan, is reviewing potential strategic options, and the protest aims to pressure them into making decisions that enhance shareholder value. If satisfactory results are achieved, AJ Investments is willing to cancel the demonstration.
Krúpa stressed the importance of transparency and accountability, noting Ubisoft's underperformance compared to its peers. AJ Investments is prepared to sue Ubisoft for misleading investors if necessary. This isn't the first time AJ Investments has voiced concerns; in September, following the disappointing release of Star Wars Outlaws, they issued an open letter urging Ubisoft to consider a change in leadership and possibly going private.
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