For the past year Vivendi has been swiftly buying up stocks in Gameloft and Ubisoft. Neither company wants Vivendi to take it over but they are unable to stop their shareholders from selling to Vivendi.
Vivendi has managed to buy 95.94 per cent of Gameloft's shares and, in response, the board has resigned in protest of the hostile takeover.
“On a managerial level, Vivendi’s methods are clearly opposite to the vision of the board and the management,” Gameloft said in a statement to Reuters. “The board of directors cannot accept to become the simple subordinate of decisions of a majority shareholder whose strategic vision and managerial values it doesn't share.”
As the an outgoing decision, the Board has named the company's chief financial officer Alexandre de Rochefort as the new CEO.
This move by the board marks the complete takeover of Gameloft by Vivendi and must be making the folk at the head of Ubisoft a little bit antsy. Vivendi has begun buying up shares in Ubisoft and has already managed to acquire a 17.7 per cent stake in the company.
Ubisoft has been trying to bring on Canadian investors over the past year. Investors, it hopes, will resist selling their stake to Vivendi who is buying up shares at an inflated price.