A minority Ubisoft shareholder, AJ Investments, plans a protest outside the company's Paris headquarters. CEO Juraj Krúpa accuses Ubisoft of mismanagement, citing declining shareholder value, poor operational execution, and a failure to adapt to market trends. Krúpa alleges a lack of transparency regarding decisions, including the Assassin's Creed Mirage DLC partnership with the Savvy Group and undisclosed discussions with Microsoft, EA, and other potential acquirers of Ubisoft's intellectual properties, as reported by MergerMarket. Ubisoft has been contacted for comment.

Previously, Bloomberg reported discussions between Ubisoft's Guillemot family and Tencent regarding taking the company private. These talks, however, were exploratory. Ubisoft's recent struggles include several high-profile game flops, layoffs, studio closures, cancellations, and numerous delays. Rumors persist about board considerations, with some suggesting Tencent's reluctance to fully commit due to the Guillemot family's desire to retain significant control. The lack of a larger, financially capable buyer further complicates the situation.

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Krúpa criticizes the multiple delays of Assassin's Creed, impacting the company's financial guidance and causing stock declines that disproportionately affected retail investors. He believes this benefited institutional investors who bought at lower prices. AJ Investments urges frustrated investors to join the May protest, stating they will cancel the protest if Ubisoft's strategic review (advised by Goldman Sachs and JP Morgan) yields results that increase shareholder value. AJ Investments also threatens legal action for misleading investors.

This isn't AJ Investment's first action. In September, they issued an open letter to Ubisoft's board, including CEO Yves Guillemot and Tencent, expressing dissatisfaction with the company's performance and share price, urging leadership changes and considering a sale following the underperformance of Star Wars Outlaws.