A minority shareholder in Ubisoft, represented by AJ Investments and its CEO Juraj Krúpa, is organizing a protest at 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 criticizes Ubisoft's management for what he perceives as poor handling of the company, citing declining shareholder value, ineffective operational execution, and a failure to adapt to market trends. He also accuses Ubisoft of lacking transparency, particularly regarding a partnership for an Assassin's Creed Mirage DLC with the Saudi investment firm Savvy Group.
Krúpa points to a restricted article from MergerMarket that alleges discussions about acquiring IPs from Ubisoft, which he claims were not disclosed to the public. IGN has reached out to Ubisoft for a statement on these allegations.
In October, Bloomberg reported that Ubisoft's founding Guillemot family and shareholder Tencent were exploring options to take the company private following a series of high-profile flops, game cancellations, and a significant drop in share price. Ubisoft responded by saying they would inform the market if and when necessary.
Ubisoft has been facing ongoing challenges, including high-profile flops, layoffs, studio closures, and repeated game delays. Rumors persist about the company's strategic options, with some suggesting Tencent's hesitance due to the Guillemots' desire to retain control.
Krúpa specifically criticized the multiple delays of Assassin's Creed Shadows, originally slated for July 18, 2024, then pushed to November 15, 2024, and finally delayed again to March 20, 2025. He argues these delays led to significant stock declines, adversely affecting retail investors while benefiting larger institutional investors.
AJ Investments is rallying all frustrated Ubisoft investors to join the May protest, emphasizing the need for management to address the company's stagnation and lack of decisive action. They are aware of Ubisoft's financial review of strategic options, advised by Goldman Sachs and JP Morgan, and expect results in the coming months. If these results enhance shareholder value, AJ Investments will cancel the demonstration.
Krúpa stresses the importance of transparency and accountability, urging Ubisoft to maximize shareholder value and listen to its investors. AJ Investments has threatened legal action against Ubisoft for misleading investors.
This is not the first time AJ Investments has voiced its concerns. In September, following the disappointing launch of Star Wars Outlaws and a subsequent drop in share price, AJ Investments sent an open letter to Ubisoft's board and Tencent, calling for a leadership change and consideration of a sale.
