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Ubisoft Spends €122.5 Million in a Desperate Attempt To Avoid Vivendi Takeover
Vivendi has been trying to get a representation in the Ubisoft’s board, and while the the company denies any intention of taking over Ubisoft, but their actions speak otherwise. On the other hand Ubisoft likes to keep itself independent and in an attempt to avoid Vivendi takeover, Ubisoft has been buying back its shares.
As of June, Vivendi owns 20 percent of shares of the company and has been demanding a spot in the Ubisoft’s board. However, this matter is yet to be resolved by Ubisoft.
However, Ubisoft is trying its best to avoid Vivendi takeover of the companny and has been fighting back. In an effort to avoid a takeover, Ubisoft has just spent €122.5 million of its very own stock to buy back its stock from French investment bank Bpifrance, and successfully adding 3.2 percent of shares to its own hands.
What is interesting, is that this moves comes just ahead of meeting where it will be decided the response to Vivendi’s demand for a board representation. So this move might be to weaken the Vivendi’d position for a board representation.
Yves Guillemot, Ubisoft co-founder and CEO, also thanked Bpifrance for their support, saying “We want to express our warm gratitude to Bpifrance for its support during all these years”.
The Guillemot family, is the founder of Ubisoft and mobile game centric, Gameloft. The later have already been overtaken by Vivendi, and Vivendi is still denying their interest in taking over Ubisoft but the later openly claimed on a number of occasions how Vivendi is planning a hostile takeover.
This is not the first attempt from Ubisoft to avoid the Vivendi takeover of the company, as earlier this year Ubisoft was in talks with Canadian investors.
We want to increase the number of Canadian shareholders in Ubisoft to have better control over the capitaL. We feel it’s a good defence.
Do you think Ubisoft will able to fend of Vivendi takeover of the company? Let us know in the comments.