Ubisoft Buys 3.2% of Own Stock to Fight Off Vivendi
In yet another move to prevent a hostile takeover from French media conglomerate, Vivendi, Ubisoft has purchased 3.2 percent of its own stock from a French investment bank. According to VentureBeat, the stock cost $137.5 million.
Vivendi currently holds 20 percent of the video game developer and publisher’s stock, and with an annual meeting coming up this week, both companies are expected to clash over board seats. VentureBeat wrote:
Paris-based Ubisoft, the maker of games such as Assassin’s Creed and Watch Dogs 2, is buying 3.625 million shares from Banque Publique d’Investissement (Bpifrance, a French investment bank) for €33.80 ($37.95) per share, representing a total amount of €122.5 million ($137.5 million). This transaction, which fits into Ubisoft’s share buyback program, will close by the beginning of November 2016.
Just last week, CEO Yves Guillemot spoke about the threat of a takeover in an interview, stating that such a move would prevent the developer from taking risks and will affect creativity. You can read his explanation in full here.