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 discussions with major players like Microsoft, EA, and other publishers interested in acquiring its franchises. Krúpa has criticized Ubisoft's management, labeling it as "horribly mismanaged" and demanding a "clear roadmap for recovery" to address declining shareholder value, operational inefficiencies, and a failure to adapt to market trends.
In a statement viewed by IGN, Krúpa accused Ubisoft of withholding information, including details about an Assassin's Creed Mirage DLC partnership with the Saudi investment firm Savvy Group. He also highlighted a restricted article by MergerMarket that mentioned discussions between Microsoft, EA, and others interested in Ubisoft's IPs, which he claims were not disclosed to the public.
IGN has reached out to Ubisoft for a comment on these allegations. Previously, in October, Bloomberg reported that Ubisoft's founding Guillemot family and shareholder Tencent were exploring taking the company private after several high-profile flops and a significant drop in share price. At that time, Ubisoft indicated they would inform the market if any significant developments occurred.
Ubisoft has been facing a challenging period marked by numerous delays, cancellations, and declining performance. The ongoing speculation about potential strategic moves by the board, including Tencent's hesitance due to the Guillemot family's desire to retain control, adds to the uncertainty surrounding the company's future.
Krúpa's statement also criticized Ubisoft's handling of the upcoming Assassin's Creed game, initially delayed from July 18, 2024, to November 15, 2024, and then again to March 20, 2025. He argued that these delays and revised financial guidances have negatively impacted retail investors, while benefiting corporate and institutional investors who purchased stocks at distressed 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 noted that Ubisoft's management, with advice from Goldman Sachs and JP Morgan, is reviewing potential strategic options, and the demonstration is intended to push for a conclusion that enhances shareholder value. If such a conclusion is reached, AJ Investments will cancel the protest.
Krúpa emphasized the need for Ubisoft to operate with transparency and accountability, highlighting the company's underperformance compared to its peers. AJ Investments has threatened legal action against Ubisoft for allegedly misleading investors.
This is not the first time AJ Investments has expressed dissatisfaction with Ubisoft. In September, following the disappointing release of Star Wars Outlaws, they sent an open letter to Ubisoft's board and Tencent, urging a leadership change and consideration of a sale due to the significant drop in share price after the game's launch.
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