Ubisoft Shareholder Protests at Paris HQ, Accuses Company of Hiding Acquisition Talks with Microsoft, EA

A minority shareholder in Ubisoft, AJ Investments, led by CEO Juraj Krúpa, is organizing a protest outside the company's Paris headquarters. The protest is a response to what Krúpa describes as "horrible mismanagement" by Ubisoft's current leadership. He accuses the company of failing to disclose discussions with Microsoft, EA, and other publishers interested in acquiring its franchises, as well as not being transparent about a partnership for an Assassin's Creed Mirage DLC with the Saudi investment firm Savvy Group.

Krúpa's statement to IGN highlights several grievances, including declining shareholder value, poor operational execution, and a failure to adapt to market trends. He references a restricted article from MergerMarket that mentioned potential acquisition talks, which Ubisoft allegedly did not disclose to the public.

Ubisoft has faced numerous challenges in recent years, including high-profile game flops, layoffs, studio closures, and repeated delays. In October, Bloomberg reported exploratory talks between Ubisoft's founding Guillemot family and shareholder Tencent about taking the company private. Ubisoft responded by saying it would inform the market if and when necessary.

Rumors suggest that Tencent might be hesitant to fully engage with Ubisoft due to the Guillemot family's desire to retain significant control. Without Tencent's support, few other companies have the resources to help Ubisoft recover.

Krúpa criticized the repeated delays of Assassin’s Creed Shadows, which was initially postponed from July 18, 2024, to November 15, 2024, and then again to March 20, 2025. He argued that these delays and subsequent revisions to financial guidance negatively impacted retail investors more than institutional ones, such as Credit Agricole, Goldman Sachs, Morgan Stanley, and others.

AJ Investments is calling on all frustrated Ubisoft shareholders to join the May protest, emphasizing the need for Ubisoft's management to take decisive action to improve shareholder value. Krúpa mentioned that Ubisoft's management, advised by Goldman Sachs and JP Morgan, is currently reviewing potential strategic options. If these reviews lead to significant improvements, AJ Investments might cancel the planned demonstration.

Krúpa stressed the importance of transparency and accountability, stating that Ubisoft has underperformed compared to its peers and needs 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 publicly criticized Ubisoft. In September, following the disappointing launch of Star Wars Outlaws, AJ Investments issued an open letter to Ubisoft’s board and Tencent, urging a change in leadership and consideration of a sale due to the company's poor performance and declining share price.

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