Following a report of positive earnings by Ubisoft last week, French media conglomerate Vivendi has purchased more of the Assassin’s Creed developer’s shares, bringing their total up to 25 percent, the company announced in a press release.
Vivnedi announced in a press release this week that it now owns 24.059 percent of shares in Ubisoft and 21.296 percent of voting rights. Vivendi continues to insist it isn’t heading toward a hostile takeover while Ubisoft watches the company buy up one share after another. The process has been going on since last October when Vivendi started buying up shares in Ubisoft and mobile game company Gameloft. The company started with just a few shares, but quickly raised their stake to 10 percent.
Ubisoft, meanwhile, has screamed and shouted the whole time, with CEO Yves Guillemot making impassioned speeches at E3 and elsewhere about his company’s independence. Vivendi raised their shares up past 18 and then 20 percent. Ubisoft has pulled in funding from investors and even managed to add a couple new board members this fall. Vivendi eventually succeeded in its takeover of Gameloft in July of this year.
Assuming direct control
At the same meeting where Ubisoft added a pair of shareholders, Vivendi abstained from voting on some resolutions, which Ubisoft called “systematic obstruction, impeding the proper functioning of the company, in particular regarding its competitive compensation policy for its talents.”
Despite buying more and more shares and using voting rights to guide the company, Vivendi says they’re not trying to take over the publisher. Okay, guys, we believe you.
Article source: http://www.technobuffalo.com/2016/11/08/vivendi-buys-more-ubisoft-stock/