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

A minority shareholder in Ubisoft, led by Juraj Krúpa, CEO 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 claims that Ubisoft is "horribly mismanaged by current management" and demands a "clear roadmap for recovery" to address declining shareholder value, poor operational execution, and failure to adapt to market trends.

Krúpa alleges that Ubisoft has been opaque in its decision-making, particularly regarding an Assassin's Creed Mirage DLC partnership with the Saudi investment firm Savvy Group. He also references a restricted article from MergerMarket that reported discussions between Microsoft, EA, and others about acquiring Ubisoft IPs, which he claims were not disclosed to the public.

IGN has reached out to Ubisoft for a comment on these allegations. Previously, in October, Bloomberg reported 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 significant drop in share price. Ubisoft had stated it would inform the market if and when appropriate.

Ubisoft has been facing challenges for several years, marked by high-profile flops, layoffs, studio closures, game cancellations, and numerous delays. Rumors suggest that the board is considering various proposals, with some reports indicating Tencent's reluctance to proceed due to the Guillemot family's desire to retain significant control. Without Tencent's backing, few companies have the resources to potentially rescue Ubisoft.

Krúpa's statement also highlighted the repeated delays of Ubisoft's anticipated game, Assassin's Creed Shadows, initially set for July 18, 2024, then moved to November 15, 2024, and finally delayed to March 20, 2025. These delays, according to Krúpa, led to severe stock declines, primarily affecting retail investors while benefiting corporate and institutional investors who bought at distressed prices.

AJ Investments is calling on all frustrated Ubisoft investors to join the protest in May, emphasizing the need for transparency and accountability from Ubisoft's management. Krúpa noted that Ubisoft's management, advised by Goldman Sachs and JP Morgan, is conducting a financial review of strategic options, expected to yield results in the coming months. If these results enhance shareholder value, AJ Investments may cancel the demonstration.

Krúpa stressed that all Ubisoft shareholders deserve a company that maximizes value and operates transparently. He warned that AJ Investments is prepared to sue Ubisoft for misleading investors. This isn't the first time AJ Investments has voiced concerns; in September, following the disappointing release of Star Wars Outlaws, they issued an open letter urging Ubisoft to consider going private and changing its leadership.

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