A minority shareholder in Ubisoft, represented by AJ Investments and its CEO Juraj Krúpa, is organizing a protest outside the company's Paris headquarters. The protest stems from accusations of mismanagement and a lack of transparency, particularly regarding alleged discussions with Microsoft, EA, and other publishers interested in acquiring Ubisoft's franchises.

In a statement to IGN, Krúpa criticized Ubisoft's current management, calling for a "clear roadmap for recovery" to address issues like declining shareholder value, poor operational execution, and failure to adapt to market trends. He accused Ubisoft of withholding information, including details about an Assassin's Creed Mirage DLC partnership with the Saudi investment firm Savvy Group.

Krúpa also referenced a restricted article from MergerMarket, which reported discussions between Microsoft, EA, and others about acquiring Ubisoft's IPs. He claimed that Ubisoft's management failed to inform the public about these discussions.

IGN has reached out to Ubisoft for a response to these allegations.

In October, Bloomberg reported that Ubisoft's founding Guillemot family and shareholder Tencent were exploring the possibility of taking the company private following a series of high-profile flops, game cancellations, and a plummeting share price. At the time, Ubisoft stated it would "inform the market if and when appropriate."

Ubisoft has been facing challenges for several years, marked by high-profile flops, layoffs, studio closures, game cancellations, and numerous delays. Rumors suggest that the board is considering various proposals, with some reports indicating Tencent's reluctance to proceed due to the Guillemot family's desire to retain significant control. Without Tencent's involvement, few companies have the resources to undertake a buyout of Ubisoft.

Krúpa's statement also highlighted the repeated delays of Assassin's Creed Shadows, initially postponed from July 18, 2024, to November 15, 2024, and then again to March 20, 2025. These delays, coupled with revised financial guidance, led to significant stock declines, primarily affecting retail investors. Krúpa alleged that these actions benefited corporate and institutional investors, such as Credit Agricole, Goldman Sachs clients, and Morgan Stanley.

AJ Investments is calling on all frustrated shareholders to join the protest in May, emphasizing the need for Ubisoft to address its prolonged stagnation and lack of decisive action from its management. Krúpa noted that Ubisoft's management, with advice from Goldman Sachs and JP Morgan, is conducting a financial review of potential strategic options, with results expected in the coming months. If the review leads to enhanced shareholder value, AJ Investments is prepared to cancel the demonstration.

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

This is not the first time AJ Investments has criticized Ubisoft. In September, following the disappointing launch of Star Wars Outlaws, AJ Investments sent an open letter to Ubisoft's board, including CEO Yves Guillemot and investor Tencent, expressing dissatisfaction with the company's performance and urging a leadership change and potential sale.

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