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

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 Microsoft, EA, and other publishers interested in acquiring its franchises. Krúpa has criticized Ubisoft's management, describing it as "horribly mismanaged" and demanding a clear recovery plan to address declining shareholder value, poor operational execution, and failure to adapt to market trends.

In a statement seen by IGN, Krúpa accused Ubisoft of hiding information, including a partnership for an Assassin's Creed Mirage DLC with the Saudi investment firm Savvy Group. He also referenced a restricted article from MergerMarket that alleged discussions between Ubisoft and interested parties like Microsoft and EA. According to Krúpa, Ubisoft's management did not inform the public about these discussions.

IGN has sought a comment from Ubisoft on these allegations.

Previous reports from Bloomberg indicated that Ubisoft's founding Guillemot family and shareholder Tencent were exploring taking the company private, following a series of high-profile flops, game cancellations, and a plummeting share price. These talks were exploratory, and Ubisoft stated it would inform the market if necessary.

Ubisoft has been experiencing a slow decline, marked by flops, layoffs, studio closures, and numerous delays. Rumors continue about the board's potential strategies, with some suggesting Tencent is hesitant due to the Guillemot family's desire to retain control. Without Tencent, few companies have the resources to acquire Ubisoft.

Krúpa highlighted the delays of Assassin's Creed Shadows, initially planned for July 18, 2024, then postponed to November 15, 2024, and finally delayed again to March 20, 2025. These delays, along with revised financial guidance, led to significant stock declines, affecting retail investors more severely while benefiting corporate and institutional investors.

AJ Investments is urging all frustrated shareholders to join the May protest, emphasizing the need for Ubisoft to enhance shareholder value and operate transparently. They are aware that Ubisoft's management, advised by Goldman Sachs and JP Morgan, is reviewing strategic options and expect results soon. If these results improve shareholder value, the protest might be called off.

Krúpa stressed the importance of transparency and accountability, noting Ubisoft's underperformance compared to industry peers. AJ Investments is prepared to sue Ubisoft for misleading investors if necessary.

This is not the first time AJ Investments has voiced dissatisfaction with Ubisoft's performance. In September, following the disappointing release of Star Wars Outlaws, AJ Investments sent an open letter to Ubisoft's board and Tencent, urging a leadership change and considering a sale due to the significant drop in share price.

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