Editing Ubisoft (section)

=== Attempted takeover by Vivendi (2015–2018) ===
Since around 2015, the French [[mass media]] company [[Vivendi]] has been seeking to expand its media properties through acquisitions and other business deals. In addition to advertising firm [[Havas]], Ubisoft was one of the first target properties identified by Vivendi, which as of September 2017 has an estimated valuation of $6.4&nbsp;billion.<ref name="reuters april2017">{{cite web |url=https://www.reuters.com/article/us-vivendi-agm-strategy-idUSKBN17R0IO |title=Exclusive: Vivendi to accelerate expansion in video games and advertising – sources |first1=Mathieu |last1=Rosemain |first2=Gwénaëlle |last2=Barzic |date=25 April 2017 |access-date=27 June 2017 |website=[[Reuters]] |archive-date=3 June 2020 |archive-url=https://web.archive.org/web/20200603161009/https://www.reuters.com/article/us-vivendi-agm-strategy-idUSKBN17R0IO |url-status=live}}</ref><ref>{{cite web |url=https://venturebeat.com/2017/09/22/ubisoft-shareholders-support-guillemot-family-but-vivendi-threat-lingers/ |title=Ubisoft shareholders support Guillemot family, but Vivendi threat lingers |first=Dean |last=Takahashi |date=22 September 2017 |access-date=22 September 2017 |website=[[Venture Beat]] |archive-date=23 September 2017 |archive-url=https://web.archive.org/web/20170923003307/https://venturebeat.com/2017/09/22/ubisoft-shareholders-support-guillemot-family-but-vivendi-threat-lingers/ |url-status=live}}</ref> Vivendi, in two actions during October 2015, bought shares in Ubisoft stock, giving them a 10.4% stake in Ubisoft, an action that Yves Guillemot considered "unwelcome" and feared a [[hostile takeover]].<ref name="vg247 oct2015">{{cite web |url=https://www.vg247.com/2015/10/23/vivendi-buys-even-more-ubisoft-shares/ |title=Vivendi buys even more Ubisoft shares |first=Sharif |last=Saed |date=23 October 2015 |access-date=27 June 2017 |website=[[VG247]] |archive-date=3 June 2020 |archive-url=https://web.archive.org/web/20200603161013/https://www.vg247.com/2015/10/23/vivendi-buys-even-more-ubisoft-shares/ |url-status=live}}</ref> In a presentation during the [[Electronic Entertainment Expo 2016]], Yves Guillemot stressed the importance that Ubisoft remain an independent company to maintain its creative freedom.<ref>{{cite web |url=https://www.gamedeveloper.com/business/ubisoft-ceo-stresses-creative-independence-as-vivendi-takeover-threat-looms |title=Ubisoft CEO stresses creative independence as Vivendi takeover threat looms |first=Kris |last=Graft |date=13 June 2017 |access-date=27 June 2017 |website=[[Gamasutra]] |archive-date=3 June 2020 |archive-url=https://web.archive.org/web/20200603161010/https://www.gamasutra.com/view/news/274883/Ubisoft_CEO_stresses_creative_independence_as_Vivendi_takeover_threat_looms.php |url-status=live}}</ref> Guillemot later described the need to fight off the takeover: "...when you're attacked with a company that has a different philosophy, you know it can affect what you've been creating from scratch. So you fight with a lot of energy to make sure it can't be destroyed."<ref>{{cite web |url=https://www.ign.com/articles/2019/04/12/ubisoft-ceo-remembers-vivendis-attempted-takeover-as-a-fight-a-ign-unfiltered |title=Ubisoft CEO Remembers Vivendi's Attempted Takeover as a 'Fight' – IGN Unfiltered |first=Joseph |last=Knoop |date=12 April 2019 |access-date=14 April 2019 |website=[[IGN]] |archive-date=13 April 2019 |archive-url=https://web.archive.org/web/20190413191315/https://www.ign.com/articles/2019/04/12/ubisoft-ceo-remembers-vivendis-attempted-takeover-as-a-fight-a-ign-unfiltered |url-status=live}}</ref> Vice-president of Live Operations, Anne Blondel-Jouin, expressed similar sentiment in an interview with ''[[PCGamesN]]'', stating that Ubisoft's success was partly due to "...being super independent, being very autonomous."<ref>{{Cite web |url=https://www.polygon.com/2016/11/24/13743236/ubisoft-vivendi-takeover |title=Ubisoft exec says Vivendi takeover could damage culture of innovation |last=Campbell |first=Colin |date=24 November 2016 |website=Polygon |access-date=12 March 2018 |archive-date=13 March 2018 |archive-url=https://web.archive.org/web/20180313092518/https://www.polygon.com/2016/11/24/13743236/ubisoft-vivendi-takeover |url-status=live}}</ref><ref>{{Cite web |url=https://www.pcgamesn.com/ubisoft-vivendi-takeover-bid |title="It's not going to be the same if Vivendi take over" says Ubisoft VP of live ops |website=PCGamesN |date=24 November 2016 |access-date=12 March 2018 |archive-date=13 March 2018 |archive-url=https://web.archive.org/web/20180313092622/https://www.pcgamesn.com/ubisoft-vivendi-takeover-bid |url-status=live}}</ref>

Vivendi acquired stake in mobile game publisher [[Gameloft]], owned by the Guillemots, and started acquiring Ubisoft shares.<ref>{{cite web |url=https://www.gamespot.com/articles/former-activision-owner-vivendi-buys-stakes-in-ubi/1100-6431427/ |title=Former Activision Owner Vivendi Buys Stakes in Ubisoft and Gameloft |last=Hussain |first=Tamoor |date=15 October 2015 |website=[[GameSpot]] |publisher=[[CBS Interactive]] |access-date=21 April 2016 |archive-date=3 June 2020 |archive-url=https://web.archive.org/web/20200603161010/https://www.gamespot.com/articles/former-activision-owner-vivendi-buys-stakes-in-ubi/1100-6431427/ |url-status=live}}</ref><ref name="vg247 oct2015" /> In the following February, Vivendi acquired €500&nbsp;million worth of shares in Gameloft, gaining more than 30% of the shares and requiring the company under French law to make a public [[tender offer]]; this action enabled Vivendi to complete the takeover of Gameloft by June 2016.<ref>{{cite web |url=https://en.gameloft.ca/download-games/news/3934-gameloft%EF%BF%BDsreaction/?actual_page=1&request=news&date= |archive-url=https://web.archive.org/web/20160419013436/https://en.gameloft.ca/download-games/news/3934-gameloft%EF%BF%BDsreaction/?actual_page=1&request=news&date= |url-status=dead |archive-date=19 April 2016 |title=Gameloft's Reaction |last=d'Hauteville |first=Laure |date=18 February 2016 |website=[[Gameloft]] |access-date=21 April 2016}}</ref><ref name="ft feb2016">{{Cite web |url=https://www.ft.com/content/5bfee510-d64c-11e5-829b-8564e7528e54 |title=Ubisoft sets out growth plan to fend off Vivendi |first=Robert |last=Cookson |date=16 February 2016 |access-date=27 June 2017 |website=[[Financial Times]] |archive-date=17 September 2017 |archive-url=https://web.archive.org/web/20170917213704/https://www.ft.com/content/5bfee510-d64c-11e5-829b-8564e7528e54 |url-status=live}}</ref><ref>{{cite web |url=https://www.gamedeveloper.com/business/vivendi-succeeds-in-hostile-gameloft-takeover |title=Vivendi succeeds in hostile Gameloft takeover |first=Chris |last=Kerr |date=1 June 2016 |access-date=27 June 2017 |website=[[Gamasutra]] |archive-date=18 September 2017 |archive-url=https://web.archive.org/web/20170918020759/https://www.gamasutra.com/view/news/274002/Vivendi_succeeds_in_hostile_Gameloft_takeover.php |url-status=live}}</ref> Following Vivendi's actions with Gameloft in February 2016, the Guillemots asked for more Canadian investors in the following February to fend off a similar Vivendi takeover;<ref name="The Globe and Mail">{{cite web |url=https://www.theglobeandmail.com/report-on-business/ubisoft-turns-to-canadian-investors-to-fend-off-takeover-bid/article28920702/ |title=Maker of Assassin's Creed video game turns to Canadian investors to fend off takeover bid |last=Van Praet |first=Nicolas |date=25 February 2016 |website=[[The Globe and Mail]] |access-date=21 April 2016 |archive-date=7 March 2016 |archive-url=https://web.archive.org/web/20160307004817/http://www.theglobeandmail.com/report-on-business/ubisoft-turns-to-canadian-investors-to-fend-off-takeover-bid/article28920702/ |url-status=live}}</ref><ref>{{cite magazine |url=https://www.pcgamer.com/ubisoft-asks-canada-to-help-head-off-hostile-takeover-by-vivendi/ |title=Ubisoft asks Canada to help head off hostile takeover by Vivendi |last=Chalk |first=Andy |date=26 February 2016 |magazine=[[PC Gamer]] |publisher=[[Future US]] |access-date=21 April 2016 |archive-date=13 April 2016 |archive-url=https://web.archive.org/web/20160413141551/http://www.pcgamer.com/ubisoft-asks-canada-to-help-head-off-hostile-takeover-by-vivendi/ |url-status=live}}</ref><ref>{{cite web |url=https://kotaku.com/why-ubisoft-is-afraid-of-a-hostile-takeover-1761561366 |title=Ubisoft Is Afraid Of A Hostile Takeover |last=Schreier |first=Jason |author-link=Jason Schreier |date=26 February 2016 |website=[[Kotaku]] |publisher=[[Gawker Media]] |access-date=21 April 2016 |archive-date=13 April 2016 |archive-url=https://web.archive.org/web/20160413004357/http://kotaku.com/why-ubisoft-is-afraid-of-a-hostile-takeover-1761561366 |url-status=live}}</ref> by this point, Vivendi had increased their share in Ubisoft to 15%, exceeding the estimated 9% that the Guillemots owned.<ref name="ft feb2016" /><ref name="The Globe and Mail" /> By June 2016, Vivendi had increased its shares to 20.1% and denied it was in the process of a takeover.<ref>{{cite web |url=http://www.gamasutra.com/view/news/275432/Vivendi_ups_stake_in_Ubisoft_to_201_percent_edges_toward_takeover.php |title=Vivendi ups stake in Ubisoft to 20.1 percent, edges toward takeover |first=Chris |last=Kerr |date=21 June 2016 |access-date=27 June 2017 |website=[[Gamasutra]] |archive-date=18 September 2017 |archive-url=https://web.archive.org/web/20170918021608/https://www.gamasutra.com/view/news/275432/Vivendi_ups_stake_in_Ubisoft_to_201_percent_edges_toward_takeover.php |url-status=dead}}</ref>

By the time of Ubisoft's annual board meeting in September 2016, Vivendi had gained 23% of the shares, while the Guillemots were able to increase their voting share to 20%. A request was made at the board meeting to place Vivendi representatives on Ubisoft's board, given the size of their shareholdings. The Guillemots argued against this, reiterating that Vivendi should be seen as a competitor, and succeeded in swaying other voting members to deny any board seats to Vivendi.<ref>{{cite web |url=https://www.bloomberg.com/news/articles/2016-09-29/ubisoft-founders-win-respite-as-vivendi-holds-back-on-board-bid |title=Ubisoft Founders Victorious as Vivendi Board Bid Is Averted |first=Alexandre |last=Boksenbaum-Granier |date=29 September 2016 |access-date=27 June 2017 |website=[[Bloomberg News]] |archive-date=29 October 2017 |archive-url=https://web.archive.org/web/20171029182332/https://www.bloomberg.com/news/articles/2016-09-29/ubisoft-founders-win-respite-as-vivendi-holds-back-on-board-bid |url-status=live}}</ref>

Vivendi continued to buy shares in Ubisoft, approaching the 30% mark that could trigger a takeover; as of December 2016, Vivendi held a 25.15% stake in Ubisoft.<ref>{{cite web |url=https://www.vivendi.com/en/press/press-releases/vivendi-exceeded-the-25-shareholding-threshold-in-ubisoft/ |title=Vivendi exceeded the 25% shareholding threshold in Ubisoft |date=7 December 2016 |website=[[Vivendi]] |access-date=21 April 2017 |archive-date=3 June 2020 |archive-url=https://web.archive.org/web/20200603164259/https://www.vivendi.com/en/press/press-releases/vivendi-exceeded-the-25-shareholding-threshold-in-ubisoft/ |url-status=live}}</ref> [[Reuters]] reported in April 2017 that Vivendi's takeover of Ubisoft would likely happen that year<ref name="reuters april2017" /> and ''Bloomberg Businessweek'' observed that some of Vivendi's shares would reach the 2-year holding mark, which would grant them double voting power, and would likely meet or exceed the 30% threshold.<ref>{{cite web |url=https://www.bloomberg.com/news/articles/2017-09-22/ubisoft-ceo-bets-on-cloud-ai-to-stay-ahead-of-vivendi-threat |title=Ubisoft Bets on Cloud, AI to Stay Ahead of Vivendi Threat |first=y Alexandre |last=Boksenbaum-Granier |date=22 September 2017 |access-date=26 September 2017 |website=[[Bloomberg Businessweek]] |archive-date=26 September 2017 |archive-url=https://web.archive.org/web/20170926235523/https://www.bloomberg.com/news/articles/2017-09-22/ubisoft-ceo-bets-on-cloud-ai-to-stay-ahead-of-vivendi-threat |url-status=live}}</ref> The Guillemot family has since raised its stake in Ubisoft; as of June 2017, the family held 13.6% of Ubisoft's share capital, and 20.02% of the company's voting rights.<ref>{{cite web |url=https://www.reuters.com/article/us-ubisoft-vivendi-idUSKBN19I0WC |title=Ubisoft founding family raises stake to ward off Vivendi |first=Sudip |last=Kar-Gupta |website=[[Reuters]] |date=27 June 2017 |access-date=27 June 2017 |archive-date=3 June 2020 |archive-url=https://web.archive.org/web/20200603162055/https://www.reuters.com/article/us-ubisoft-vivendi-idUSKBN19I0WC |url-status=live}}</ref> In October 2017, Ubisoft announced it reached a deal with an "investment services provider" to help them purchase back 4&nbsp;million shares by the end of the year, preventing others, specifically Vivendi, from buying these.<ref>{{cite web |url=https://www.gamespot.com/articles/ubisoft-continues-to-fight-off-vivendi-takeover/1100-6453792/ |title=Ubisoft Continues To Fight Off Vivendi Takeover |first=Eddie |last=Makuch |date=4 October 2017 |access-date=4 October 2017 |website=[[GameSpot]] |archive-date=5 October 2017 |archive-url=https://web.archive.org/web/20171005034211/https://www.gamespot.com/articles/ubisoft-continues-to-fight-off-vivendi-takeover/1100-6453792/ |url-status=live}}</ref>

In the week before Vivendi would gain double-voting rights for previously purchased shares, the company, in quarterly results published in November 2017, announced that it had no plans to acquire Ubisoft for the next 6 months, nor would seek board positions due to the shares they held during that time, and that it "would ensure that its interest in Ubisoft would not exceed the threshold of 30% through the doubling of its voting rights." Vivendi remained committed to expanding in the video game sector, identifying that their investment in Ubisoft could represent a capital gain of over 1 billion euros.<ref>{{cite web |url=https://www.gamesindustry.biz/articles/2017-11-16-vivendi-no-plans-for-ubisoft-takeover-for-six-months |title=Vivendi: No plans for Ubisoft takeover for six months |first=Brendan |last=Sinclair |date=16 November 2017 |access-date=16 November 2017 |website=[[GamesIndustry.biz]] |archive-date=3 June 2020 |archive-url=https://web.archive.org/web/20200603161009/https://www.gamesindustry.biz/articles/2017-11-16-vivendi-no-plans-for-ubisoft-takeover-for-six-months |url-status=live}}</ref>

On 20 March 2018, Ubisoft and Vivendi struck a deal ending any potential takeover, with Vivendi agreeing to sell all of its shares, over 30&nbsp;million, to other parties and agreeing to not buy any Ubisoft shares for 5 years. Some of those shares were sold to [[Tencent]], which after the transaction held about 5.6&nbsp;million shares of Ubisoft (approximately 5% of all shares).<ref>{{cite web |url=https://www.polygon.com/2018/3/20/17144094/ubisoft-vivendi-sells-stake-tencent-deal |title=Ubisoft finally fends off Vivendi takeover bid through Tencent partnership |first=Samit |last=Sarkar |date=20 March 2018 |access-date=23 April 2019 |website=[[Polygon (website)|Polygon]] |archive-date=5 April 2020 |archive-url=https://web.archive.org/web/20200405165909/https://www.polygon.com/2018/3/20/17144094/ubisoft-vivendi-sells-stake-tencent-deal |url-status=live}}</ref> The same day, Ubisoft announced a partnership with Tencent to help bring their games onto the Chinese market.<ref>{{cite web |url=https://www.rollingstone.com/glixel/features/vivendi-sells-all-of-its-ubisoft-shares-to-tencent-and-others-w518120 |title=Vivendi Sells All of its Ubisoft Shares to Tencent and Others |first=Brian |last=Crecente |date=20 March 2018 |access-date=20 March 2018 |website=[[Glixel]] |archive-date=20 March 2018 |archive-url=https://web.archive.org/web/20180320211254/https://www.rollingstone.com/glixel/features/vivendi-sells-all-of-its-ubisoft-shares-to-tencent-and-others-w518120 |url-status=live}}</ref> Vivendi completely divested its shares in Ubisoft by March 2019.<ref>{{cite web |url=https://www.gamedeveloper.com/business/vivendi-lays-plan-to-relinquish-the-last-of-its-ubisoft-stock-by-2019 |title=Vivendi lays plan to relinquish the last of its Ubisoft stock by 2019 |first=Alex |last=Wawro |date=27 September 2018 |access-date=27 September 2018 |website=[[Gamasutra]] |archive-date=28 September 2018 |archive-url=https://web.archive.org/web/20180928012616/http://www.gamasutra.com/view/news/327507/Vivendi_lays_plan_to_relinquish_the_last_of_its_Ubisoft_stock_by_2019.php |url-status=live}}</ref><ref>{{cite web |url=https://www.gamedeveloper.com/business/vivendi-has-sold-off-its-final-ubisoft-shares |title=Vivendi has sold off its final Ubisoft shares |first=Melissa |last=McAloon |date=5 March 2019 |access-date=5 March 2019 |website=[[Gamasutra]] |archive-date=6 March 2019 |archive-url=https://web.archive.org/web/20190306035911/http://www.gamasutra.com/view/news/338021/Vivendi_has_sold_off_its_final_Ubisoft_shares.php |url-status=live}}</ref>