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Following Positive Ubisoft Earnings, Vivendi Buys More of Its Stock
Despite clear signals from Ubisoft that it wishes to remain independent, Vivendi has continued its acquisition of shares in the company.
Vivendi announced in a brief press release today that it now owns more than 24 percent of shares in the game publisher. As of November 4, it owns 24.059 of share capital, including 21.296 percent of voting rights.
Ubisoft CEO Yves Guillemot and CFO Alain Martinez in September. Image credit: UbisoftThe company offered no comment beyond that, though it has previously insisted it does not intend to attempt a hostile takeover. It has expressed interest in obtaining a seat on the board of directors--in September a spokesperson said, "We feel it would be normal as the main shareholder to have a seat on the board, but we're not in a hurry."
When presented with the opportunity to seek a seat at the annual shareholders meeting later that month, it did not do so. It did, however, cause some issues at the meeting. While many of Ubisoft's measures were passed--including the addition of two new independent members to the board of the directors--it abstained from voting on resolutions. This move caused them to not pass, prompting Ubisoft to describe Vivendi's actions as "systematic obstruction, impeding the proper functioning of the company."
Ubisoft reported positive earnings last week, though there were no significant developments involving Vivendi. CEO Yves Guillemot did echo previously shared sentiments about the importance of the publisher remaining independent during a post-earnings call with investors.
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Vivendi announced in a brief press release today that it now owns more than 24 percent of shares in the game publisher. As of November 4, it owns 24.059 of share capital, including 21.296 percent of voting rights.
Ubisoft CEO Yves Guillemot and CFO Alain Martinez in September. Image credit: UbisoftThe company offered no comment beyond that, though it has previously insisted it does not intend to attempt a hostile takeover. It has expressed interest in obtaining a seat on the board of directors--in September a spokesperson said, "We feel it would be normal as the main shareholder to have a seat on the board, but we're not in a hurry."When presented with the opportunity to seek a seat at the annual shareholders meeting later that month, it did not do so. It did, however, cause some issues at the meeting. While many of Ubisoft's measures were passed--including the addition of two new independent members to the board of the directors--it abstained from voting on resolutions. This move caused them to not pass, prompting Ubisoft to describe Vivendi's actions as "systematic obstruction, impeding the proper functioning of the company."
Ubisoft reported positive earnings last week, though there were no significant developments involving Vivendi. CEO Yves Guillemot did echo previously shared sentiments about the importance of the publisher remaining independent during a post-earnings call with investors.
More...