Ubisoft Shareholder to Protest at Paris HQ Over Alleged Secret Acquisition Talks

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 has criticized Ubisoft's management for what he perceives as "horrible mismanagement," demanding a clear recovery roadmap 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 lacking transparency, particularly regarding 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 Ubisoft's IPs, which he claims were not disclosed to the public.

IGN has reached out to Ubisoft for a comment on these allegations. Previously, Bloomberg reported in October that Ubisoft's founding Guillemot family and shareholder Tencent were exploring taking the company private due to a series of high-profile flops, game cancellations, and a significant drop in share price. Ubisoft responded by stating they would inform the market if and when appropriate.

Ubisoft has been facing challenges for several years, marked by flops, layoffs, studio closures, and repeated game 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 control. Without Tencent's support, few other entities have the financial capacity to rescue Ubisoft.

Krúpa's statement also 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.

Expressing dissatisfaction with Ubisoft's communication with shareholders, AJ Investments is calling for all frustrated investors to join the protest in May. Krúpa noted that Ubisoft's management, advised by Goldman Sachs and JP Morgan, is conducting a financial review of potential strategic options. If this review yields positive results for shareholder value, AJ Investments may cancel the planned demonstration.

Krúpa emphasized the need for Ubisoft to operate with transparency and accountability, stating that the company has underperformed compared to its peers. AJ Investments has threatened legal action against Ubisoft for allegedly 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 to Ubisoft’s board, including CEO Yves Guillemot and Tencent, urging a leadership change and consideration of a sale due to the company's poor performance and plummeting share price.