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After nearly fully acquiring mobile developer Gameloft, Vivendi has continued to move on Ubisoft. Today, Vivendi has upped its shares in Ubisoft to 20.1%. Once they hit 30%, French law says that they "must table a mandatory takeover bid."Vivendi claims that they don't plan to takeover Ubisoft. However, they continue to purchase shares in Ubisoft, inching ever closer to that 30% stake. If or when that takeover happens, it seems as though Vivendi will combine Gameloft and Ubisoft under one banner.
Here is Vivendi's statement on the current situation.
Vivendi, in its declaration filed with the Autorité des Marchés financiers, the French securities regulator, and published today by the AMF on its website, has specified its objectives over the coming six months:
- Vivendi’s acquisitions have been financed using its disposable cash;
- Vivendi is not acting together with any third party in connection with its investment in Ubisoft and has not entered into a temporary sale agreement concerning Ubisoft’s shares or voting rights;
- Vivendi does not hold instruments and is not a party to agreements such as those referred to in paragraphs 4° and 4° bis of Article L.233-9 of the French Code de commerce (Trade Code);
- Vivendi is considering continuing to acquire shares depending on market conditions;
- Vivendi is not considering the launch of a public tender on Ubisoft nor acquiring the control of the company;
- Vivendi is hoping to build a fruitful cooperation with Ubisoft;
- Vivendi is considering asking for a recomposition of the Ubisoft Board of Directors in order to, among other things, obtain Board representation consistent with its shareholder position;
- Vivendi’s investment in Ubisoft’s business sector is part of a strategic vision of operational convergence between Vivendi’s content and platform and Ubisoft’s productions in the field of video games. Since this strategy does not require any modification to Ubisoft’s legal or financial organization, Vivendi is not contemplating any of the transactions referred to in Article 223-17, I, 6° of the AMF Règlement Général (General Regulations).
- Vivendi’s acquisitions have been financed using its disposable cash;
- Vivendi is not acting together with any third party in connection with its investment in Ubisoft and has not entered into a temporary sale agreement concerning Ubisoft’s shares or voting rights;
- Vivendi does not hold instruments and is not a party to agreements such as those referred to in paragraphs 4° and 4° bis of Article L.233-9 of the French Code de commerce (Trade Code);
- Vivendi is considering continuing to acquire shares depending on market conditions;
- Vivendi is not considering the launch of a public tender on Ubisoft nor acquiring the control of the company;
- Vivendi is hoping to build a fruitful cooperation with Ubisoft;
- Vivendi is considering asking for a recomposition of the Ubisoft Board of Directors in order to, among other things, obtain Board representation consistent with its shareholder position;
- Vivendi’s investment in Ubisoft’s business sector is part of a strategic vision of operational convergence between Vivendi’s content and platform and Ubisoft’s productions in the field of video games. Since this strategy does not require any modification to Ubisoft’s legal or financial organization, Vivendi is not contemplating any of the transactions referred to in Article 223-17, I, 6° of the AMF Règlement Général (General Regulations).
Despite Vivendi saying that they have no intention of taking over Ubisoft, most people believe that they will move forward with the takeover when the time comes.
(via Gamasutra)
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