A minority shareholder in Ubisoft, led by Juraj Krúpa 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" and demands a "clear roadmap for recovery" to address declining shareholder value, poor operational execution, and failure to adapt to market trends.
In a statement to IGN, Krúpa accused Ubisoft of "hiding information," including a partnership for an Assassin's Creed Mirage DLC with the Saudi investment firm Savvy Group. He also referenced a restricted article from MergerMarket that alleged 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 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 responded by saying 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 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, primarily affecting retail investors while benefiting corporate and institutional investors who bought at distressed prices.
AJ Investments is calling on all frustrated investors to join the protest in May, emphasizing the need for Ubisoft's management to communicate more effectively with shareholders. Krúpa mentioned that Ubisoft's management, advised by Goldman Sachs and JP Morgan, is conducting a financial review of potential strategic options, with results expected soon. If these results enhance shareholder value, AJ Investments may cancel the demonstration.
Krúpa stressed the importance of transparency and accountability, urging Ubisoft to listen to its shareholders and take decisive action to improve performance. AJ Investments has threatened legal action against Ubisoft for allegedly misleading investors.
This is not the first time AJ Investments has voiced concerns. In September, following the disappointing release of Star Wars Outlaws, AJ Investments sent an open letter to Ubisoft's board and Tencent, criticizing the company's performance and urging a change in leadership and consideration of a sale.
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