AJ Investments, a hedge fund holding less than 1 per cent of Ubisoft's shares, is pushing for the sale of Ubisoft to a third party or private equity. In a letter shared with Reuters, AJ Investments claims to have the support of 10 per cent of Ubisoft's shareholders.
"We call on the management of Ubisoft to allow the sale of the company to third parties or private equity firms at a fair price," reads the letter. This comes just weeks after AJ Investments released an open letter containing several proposals for the company's board: cut costs, "optimise" staffing levels, take the company private and replace current chief executive officer Yves Guillemot.
AJ Investments did not reveal which other Ubisoft investors are backing it. Ubisoft's biggest shareholder is the Guillemot family, which owns 15 per cent and operates the company. This is followed by Chinese mega-corporation Tencent, who own just under 10 per cent.
Ubisoft's stock price has been in free fall, having lost 66 per cent of its value over the last year with no signs of recovering. 20 per cent of this decrease comes solely from Ubisoft's announcement that Assassin's Creed Shadows has been delayed until February 14,...
