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

A minority shareholder in Ubisoft, AJ Investments, is organizing a protest outside the company's Paris headquarters. Led by CEO Juraj Krúpa, they accuse Ubisoft of failing to disclose alleged discussions with Microsoft, EA, and other publishers interested in acquiring its franchises. Krúpa claims Ubisoft is "horribly mismanaged by current management," demanding a "clear roadmap for recovery" to address declining shareholder value, poor operational execution, and a failure to adapt to market trends.

Krúpa alleges Ubisoft has been opaque about its decision-making, including not disclosing an Assassin's Creed Mirage DLC partnership with the Saudi investment firm Savvy Group. He also referenced a restricted article from MergerMarket that alleged "discussions between Microsoft, EA, and others interested in acquiring IPs from Ubisoft," which Ubisoft did not inform the public about.

IGN has reached out to Ubisoft for comment on these allegations.

Last October, Bloomberg reported that Ubisoft's founding Guillemot family and shareholder Tencent were exploring taking the company private following several high-profile flops, game cancellations, and a plummeting share price. Ubisoft told IGN at the time that it would "inform the market if and when appropriate."

Ubisoft has been experiencing a prolonged downward spiral marked by high-profile flops, layoffs, studio closures, game cancellations, and repeated delays. Rumors persist about what proposals the board is considering, with some suggesting Tencent is hesitant to proceed due to the Guillemot family's desire to retain significant control. Without Tencent, few companies have the resources to rescue Ubisoft.

Krúpa criticized Ubisoft's management for delaying Assassin's Creed Shadows, initially postponed on July 18, 2024, and later delayed again in September 2024 to March 20, 2025. These delays and revised guidance led to severe stock declines, primarily affecting retail investors while benefiting corporate and institutional investors such as Credit Agricole, Goldman Sachs, Morgan Stanley, and others.

Believing that management has not communicated effectively with shareholders, AJ Investments is calling on all frustrated investors to join the protest in May. They are aware that Ubisoft's management, with advice from Goldman Sachs and JP Morgan, is conducting a financial review of potential strategic options. Krúpa hopes this review will yield positive results for shareholders, and if it does, the demonstration will be called off.

Krúpa emphasized that all Ubisoft shareholders deserve a company that maximizes value and operates with transparency and accountability. He noted Ubisoft's underperformance compared to industry peers and stressed the need for the company to listen to its shareholders. AJ Investments is prepared to sue Ubisoft for misleading investors if necessary.

This is not the first time AJ Investments has called for Ubisoft to go private, having previously issued a strongly worded open letter to Ubisoft's board and Tencent following the disappointing release of Star Wars Outlaws, which led to a significant drop in Ubisoft's share price.

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