More trouble for Ubisoft as accusations arise that the company has kept investors in the dark about potential buyout interest from Microsoft, EA, and other major players. AJ Investments, a key shareholder, is rallying investors to protest against “stagnant stock performance” and a “lack of decisive action” by management.

Ubisoft’s downward spiral continues. The French publisher has been hit by wave after wave of bad news, including disappointing sales of Star Wars Outlaws and a shocking 50% drop in revenue. Now, the pressure is mounting on Assassin’s Creed Shadows—if it fails commercially, drastic changes, or even a full-blown sale of the company, could be on the horizon. As if things weren’t bad enough, a new controversy has emerged: an investor is accusing Ubisoft of hiding critical information from shareholders—allegedly, Microsoft, EA, and other corporations have expressed interest in acquiring its valuable IPs.

Ubisoft Kept Shareholders in the Dark About Buyout Talks

Minority investor AJ Investments has been vocal about its dissatisfaction with Ubisoft’s leadership, calling the company’s management “disastrous” as far back as September 2024. Now, the firm is doubling down, urging investors to take a stand. According to documents obtained by IGN, AJ Investments CEO Juraj Krúpa is calling for “a clear roadmap for recovery” that addresses “declining shareholder value, weak operational execution, and failure to adapt to industry trends.”

Krúpa claims that Ubisoft has been withholding key details from its investors. Specifically, the company is accused of “concealing information” regarding its partnership with Saudi investment giant Savvy Group to produce DLC for Assassin’s Creed Mirage. If that weren’t enough, Krúpa also points to a restricted report from investment platform MergerMarket, which allegedly reveals that Ubisoft has held discussions with Microsoft, EA, and other companies interested in acquiring its intellectual properties. Despite the significance of these talks, Ubisoft has not disclosed any such discussions to its shareholders.

When contacted by IGN for clarification, Ubisoft declined to comment on specific negotiations but reaffirmed that it is “exploring strategic alternatives”: “As stated in our Q3 fiscal report, we are currently reviewing various strategic and transformational capital options. The Board has established an independent committee to oversee this process, ensuring a competitive and transparent approach to maximizing the value of Ubisoft’s assets and franchises. Should any transaction take place, we will make the necessary market disclosures in compliance with regulations.”

Speculation about Ubisoft selling its IPs is nothing new. The publisher has previously been linked to discussions with Tencent and Savvy Group, and it has openly explored ways to monetize its assets further. While no definitive decision has been made, insiders suggest that the company could either sell off entire franchises or license out key properties to external studios.

Investors Mobilizing for a Shareholder Revolt

Ubisoft’s precarious financial situation has frustrated investors for months, and delays surrounding Assassin’s Creed Shadows have only added fuel to the fire. AJ Investments’ CEO highlighted that the game—centered around historical figures Naoe and Yasuke—has already faced three delays. While it is now set for a March 20 launch, these delays have had serious financial consequences. “These setbacks and constant forecast revisions have caused major stock declines, disproportionately impacting small-scale investors who lack the resources to hedge their positions. Meanwhile, corporate giants like Crédit Agricole, Goldman Sachs, and Morgan Stanley have profited by buying up shares at lower prices.”

In response, AJ Investments is calling on all Ubisoft shareholders to join a protest in May against “the prolonged stagnation in stock value and management’s failure to act decisively.” However, the protest will be called off if Ubisoft’s leadership presents a meaningful strategy to increase shareholder value.

“Every Ubisoft investor deserves a company that prioritizes transparency, accountability, and value creation,” Krúpa stated. “Ubisoft has underperformed compared to its industry peers, and it’s time for leadership to listen to the people who own this company. This protest will send a strong message from investors who believe in Ubisoft’s potential but demand urgent changes.” If Ubisoft fails to address these concerns, AJ Investments has warned that it is prepared to “take legal action against the company for misleading investors.”

Source: 3DJuegos