Ubisoft Investor Plans Demonstration at Paris Headquarters, Criticizes Firm for Not Disclosing Alleged Talks with Microsoft, EA, and Other Potential Buyers Interested in Intellectual Properties

A minority shareholder in Ubisoft is attempting to organize a protest outside the company’s Paris headquarters, accusing it of failing to disclose alleged discussions with Microsoft, EA, and others publishers reportedly interested in acquiring its franchises.

In a statement seen by IGN, Juraj Krúpa, CEO of AJ Investments, claimed Ubisoft is “horribly mismanaged by current management,” and wants a “clear roadmap for recovery” from the senior team to address “declining shareholder value, lackluster operational execution, and failure to adapt effectively to market trends.”

Krúpa alleged that Ubisoft has not been transparent about its decision-making, accusing the firm of “hiding information,” including an Assassin Creed Mirage DLC partnership with the Saudi investment firm Savvy Group.

The shareholder also pointed to a restricted article published by business investment platform MergerMarket that alleged “discussions between Microsoft, EA, and others that are interested in acquiring IPs from Ubisoft.” “Management did not inform public about these steps either,” Krúpa claimed.

IGN has asked Ubisoft for comment.

Back in October, Bloomberg reported that Ubisoft’s founding Guillemot family and shareholder Tencent were in discussions to take the company private following a number of high-profile flops, game cancellations, and the collapse of the company’s share price. At the time, the talks were merely exploratory, and Ubisoft told IGN it would “inform the market if and when appropriate.”

For several years now, Ubisoft has seemed to be in a strange, slow downward spiral, with a number of high-profile flops, layoffs, studio closures, game cancellations, and delay after delay after delay.

Meanwhile, rumors continue to spin about what exact proposals the board is considering, with some media outlets floating the idea that Tencent is increasingly reluctant to embrace Ubisoft due to the Guillemot family’s insistance on retaining a significant amount of control. Sans Tencent, there are few other companies big enough and rich enough to spend the cash needed to save the albatross Ubisoft has grown into.

“Management postponed its current game (which should save the company and its financials) Assassin’s Creed first time on 18th of July 2024,” Krúpa’s statement said. “On that date, Ubisoft confirmed full-year guidance for the year and release of AC Shadows on November 15. 2024. Just [a] couple months later, in September 2024, Ubisoft delayed the game again and revised its guidance, which in our view, was [a] move that could have [been] predicted by Ubisoft management.

“After [the] third delay, the game will finally be published on March 20, 2025. These delays and revised guidances caused severe stock declines, which harmed mostly retail investors that have limited resources to manage their positions accordingly. This action benefited mainly corporate and institutional investors who were on the buy side for distressed prices such as Credit Agricole, Goldman Sachs clients, Morgan Stanley, and others.”

Believing management did not communicate with shareholders “appropriately,” AJ Investments is calling on all investors “who are frustrated with the prolonged stagnation in Ubisoft’s stock performance and the lack of decisive action from the management team” to join its protest in May.

“We are aware that Ubisoft’s management and CEO have initiated a financial review of potential strategic options, advised by Goldman Sachs and JP Morgan. We expect this review to yield results in the coming months,” said Juraj Krúpa, founder of AJ Investments.

“That is why we are organizing this demonstration in May — to ensure they have time to reach a conclusion that genuinely increases shareholder value. If their conclusion effectively enhances shareholder value, we will call off the demonstration.

“All shareholders/investors of Ubisoft deserve a company that maximizes value and operates with transparency and accountability,” Krúpa added. “Ubisoft has continued to underperform compared to its industry peers, and it is time for the company to listen to its shareholders. This demonstration will be a powerful statement from investors who believe in the company’s potential but demand urgent change.”

AJ Investors said that it is prepared to “sue the company for misleading investors.”

This isn’t the first time this investor has called for the company to go private amid a shares slump following the disappointing release of Star Wars Outlaws.

Back in September, AJ Investments issued a strongly worded open letter to Ubisoft’s board of directors, including its CEO Yves Guillemot, as well as fellow investor Tencent, to express their dissatisfaction with the performance of the company and its current share price and urging the firm to change its leadership and consider a sale. It followed weeks of turmoil at Ubisoft, where the megacorp’s share price plunged following the launch of Massive Entertainment’s Star Wars Outlaws, which Ubisoft subsequently confirmed had performed below expectations.

Vikki Blake is a reporter, critic, columnist, and consultant. She’s also a Guardian, Spartan, Silent Hillian, Legend, and perpetually High Chaos. Find her at BlueSky.