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, 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 alleged discussions with Microsoft, EA, and other publishers interested in acquiring its franchises. Krúpa claims that Ubisoft's management is "horribly mismanaged," demanding a "clear roadmap for recovery" to address declining shareholder value, poor operational execution, and failure to adapt to market trends.

Krúpa further alleges that Ubisoft has been secretive about its decision-making processes, 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 suggesting discussions with Microsoft, EA, and others about acquiring Ubisoft's IPs, which he claims were not disclosed to the public.

Ubisoft has been approached by IGN for comment on these allegations. Previously, in October, Bloomberg reported that Ubisoft's founding Guillemot family and shareholder Tencent were exploring the possibility of taking the company private. This came after a series of high-profile flops, game cancellations, and a significant drop in the company's share price. Ubisoft stated it would inform the market if and when appropriate.

The company has faced ongoing challenges, including layoffs, studio closures, and numerous game delays. Speculation continues about the board's considerations, with some reports suggesting Tencent's reluctance to invest further due to the Guillemot family's desire to retain control. Without Tencent's support, few companies 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, adversely affecting retail investors while benefiting corporate and institutional investors like Credit Agricole, Goldman Sachs, Morgan Stanley, and others.

AJ Investments is calling on all frustrated investors to join the protest in May, 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 conducting a financial review of strategic options. If this review results in enhanced shareholder value, AJ Investments is willing to cancel the demonstration.

Krúpa stressed the importance of transparency and accountability, noting Ubisoft's underperformance compared to industry peers. AJ Investments is prepared to take legal action against Ubisoft for allegedly misleading investors.

This is not the first time AJ Investments has voiced concerns. In September, following the disappointing launch of "Star Wars Outlaws," the investor sent an open letter to Ubisoft's board and Tencent, urging a leadership change and considering a sale due to the company's plummeting share price.

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