For over a year, Ubisoft has been fighting what’s seen as a hostile takeover attempt from media conglomerate Vivendi. Ubisoft has now announced (via GamesIndustry.biz) that the company will buy back up to 4 million of its own shares in an attempt to ward off a takeover.
A statement provided to its investors said that the Assassin’s Creed publisher had granted a mandate for an unnamed investment services provider to handle the buyback. Ubisoft can then repurchase up to 4 million shares from October 5, 2017 (today) to December 29, 2017, just before the year ends in a few months. This mandate was authorized last month in September by the company’s shareholders at a general meeting. The buyback will be limited to 10% of its capitals.
This is a huge move from the video game company and CEO Yves Guillemot in their growing fight against Vivendi. French law mandates that Vivendi make an offer for the company once it holds 30% of Ubisoft’s capital share, and right now the conglomerate owns 27%. Interestingly, according to Bloomberg, Vivendi has not decided whether it wants to actually make a bid for Ubisoft or sell the stock that it has purchased.
Whatever the outcome, here’s hoping that Ubisoft continues to pursue its goals with little resistance and create innovate video games for people to enjoy.