A minority shareholder in Ubisoft, led by Juraj Krúpa, CEO of AJ Investments, is organizing a protest outside the company's Paris headquarters. The protest stems from accusations that Ubisoft has not been transparent about its strategic discussions, particularly with Microsoft, EA, and other publishers interested in acquiring its franchises. Krúpa criticizes Ubisoft's management for "horrible mismanagement" and demands a clear recovery plan to address the company's declining shareholder value, poor operational execution, and failure to adapt to market trends.

Krúpa's statement to IGN highlighted Ubisoft's alleged lack of transparency, including undisclosed discussions and a partnership for Assassin's Creed Mirage DLC with the Saudi investment firm Savvy Group. He also referenced a restricted article from MergerMarket that reported potential acquisition talks involving Ubisoft's IPs, which were not disclosed to the public.

Ubisoft has been approached for comment on these allegations. Previously, in October, Bloomberg reported that Ubisoft's founding Guillemot family and shareholder Tencent were exploring taking the company private due to a series of high-profile flops and a significant drop in share price. Ubisoft had stated it would inform the market if and when appropriate.

Ubisoft has faced ongoing challenges, including high-profile flops, layoffs, studio closures, and numerous game delays. The company's struggles have fueled speculation about its strategic direction, with some reports suggesting Tencent's reluctance to invest further due to the Guillemot family's desire to retain control. Without Tencent's backing, few other entities might have the resources to help Ubisoft recover.

Krúpa's statement also criticized the repeated delays of Ubisoft's crucial game, Assassin’s Creed Shadows, originally set for July 18, 2024, then pushed to November 15, 2024, and finally delayed to March 20, 2025. These delays, according to Krúpa, led to significant stock declines, adversely affecting retail investors while benefiting corporate and institutional investors who could buy at lower prices.

AJ Investments is calling on all frustrated Ubisoft investors to join the May protest, emphasizing the need for management to communicate more effectively with shareholders. Krúpa mentioned that Ubisoft, advised by Goldman Sachs and JP Morgan, is undergoing a financial review of potential strategic options, with results expected soon. If these results enhance shareholder value, AJ Investments might cancel the demonstration.

Krúpa stressed the importance of transparency and accountability, urging Ubisoft to listen to its shareholders and improve its performance relative to industry peers. AJ Investments has threatened legal action against Ubisoft for allegedly misleading investors.

This is not the first time AJ Investments has voiced concerns; in September, following the disappointing launch of Star Wars Outlaws, the investor issued an open letter to Ubisoft's board and Tencent, criticizing the company's performance and urging a change in leadership and consideration of a sale.

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