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 Ubisoft shareholder, AJ Investments, plans a protest outside the company's Paris headquarters. CEO Juraj Krúpa accuses Ubisoft of mismanagement, citing declining shareholder value, poor operational execution, and a failure to adapt to market trends. He alleges a lack of transparency regarding strategic decisions, including the Assassin's Creed Mirage DLC partnership with the Savvy Group and undisclosed discussions with Microsoft, EA, and other potential acquirers of Ubisoft's intellectual properties, as reported by MergerMarket. Ubisoft has been contacted for comment.

Previously, Bloomberg reported discussions between Ubisoft's Guillemot family and Tencent about taking the company private following several high-profile game failures, cancellations, and a plummeting share price. While those talks were exploratory, Ubisoft stated it would update the market when appropriate.

Ubisoft has experienced a prolonged period of underperformance, marked by game flops, layoffs, studio closures, cancellations, and numerous delays. Speculation continues regarding board proposals, with some suggesting Tencent's reluctance to fully commit due to the Guillemot family's desire to retain significant control. The lack of a larger, financially capable buyer further complicates the situation.

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Krúpa criticizes the multiple delays of Assassin's Creed, impacting investor confidence and benefiting larger investors who purchased shares at lower prices. He cites the initial July 18, 2024, announcement of full-year guidance and the November 15, 2024, Assassin's Creed Shadows release date, followed by subsequent delays pushing the launch to March 20, 2025. This, he argues, constitutes inadequate communication with shareholders.

AJ Investments urges frustrated investors to join the May protest, emphasizing the need for transparency and accountability. While acknowledging Ubisoft's ongoing strategic review advised by Goldman Sachs and JP Morgan, Krúpa states the protest aims to ensure a shareholder-value-maximizing outcome. The demonstration will be called off if the review achieves this goal. AJ Investments also reserves the right to sue Ubisoft for misleading investors.

This isn't AJ Investment's first action against Ubisoft. A previous open letter in September criticized the company's performance and share price following the disappointing Star Wars Outlaws launch, urging leadership changes and a potential sale.