Ubisoft Founders Up Their Holdings in Company Stakes and Voting Rights to Ward Off Vivendi Takeover
In an increasing bid to coerce a hostile takeover, Guillemots family has upped their stake in Ubisoft's shares and voting rights to push back.
While the majority of business matters at many companies tend to happen behind-the-scenes, one of the more prominent, public events has been the hostile takeover of Ubisoft’s company shares by Vivendi over the past few years, with Ubisoft’s founders taking a stand to ward off the process.
In a report from Reuters, Ubisoft’s founding family the Guillemots – of whom is Yves Guillemot, the current CEO of Ubisoft – has raised their stakes in the company’s holdings to 13.6% of total shares in Ubisoft, while also upping their voting rights to 20.02%. At this time, these figures still trail behind those of Vivendi, which holds 27% of Ubisoft’s share and 24.5% of the company’s voting rights, and has gradually been raising its stake in the company since 2015.
In response to Vivendi’s attempts to force a hostile takeover of the company, the Guillemots’ move and Yves Guillemots’ rejection of the takeover plans have at least helped to ward off some of these plans for the time being. French law dictates that at or over 30%, Vivendi would need to pursue a controlling stake in the company.
In terms of other financial factors, Ubisoft’s shares reached a record high earlier this week following some of the company’s recent debuts and reveals at E3 2017, though the stock has since dropped and regulated a bit in that time.