A minority shareholder in Ubisoft, led by Juraj Krúpa of AJ Investments, is organizing a protest at the company's Paris headquarters. Krúpa accuses Ubisoft of poor management and a lack of transparency, particularly regarding alleged discussions with Microsoft, EA, and other publishers interested in acquiring its franchises. He also criticizes Ubisoft for not disclosing a partnership for an Assassin's Creed Mirage DLC with the Saudi investment firm Savvy Group.
Krúpa's statement highlights Ubisoft's declining shareholder value, operational inefficiencies, and failure to adapt to market trends. He points to a restricted article from MergerMarket that mentioned these acquisition discussions, which were not disclosed to the public. Ubisoft has yet to comment on these allegations.
In October, Bloomberg reported that Ubisoft's founding Guillemot family and shareholder Tencent were exploring taking the company private following several high-profile flops and a significant drop in share price. Ubisoft stated it would inform the market if and when appropriate.
Ubisoft has been facing challenges for years, including numerous game delays, cancellations, layoffs, and studio closures. Rumors suggest that Tencent may be hesitant to invest further due to the Guillemots' desire to retain control, leaving few viable options for Ubisoft's financial recovery.
Krúpa also criticized the management for multiple delays of Assassin's Creed Shadows, initially set for July 18, 2024, then November 15, 2024, and finally March 20, 2025. These delays led to severe stock declines, primarily affecting retail investors while benefiting corporate and institutional investors who bought at lower prices.
AJ Investments is rallying shareholders frustrated with Ubisoft's stagnant stock performance and lack of action from management to join the May protest. Krúpa mentioned that Ubisoft's management, with advice from Goldman Sachs and JP Morgan, is reviewing potential strategic options. If these options genuinely increase shareholder value, AJ Investments may cancel the demonstration.
Krúpa emphasized the need for Ubisoft to maximize value, operate transparently, and be accountable to its shareholders. AJ Investments has threatened legal action against Ubisoft for misleading investors.
This is not the first time AJ Investments has publicly criticized Ubisoft. In September, following the disappointing release of Star Wars Outlaws, AJ Investments urged Ubisoft to consider going private and changing leadership amid a significant share price drop.
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