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Ubisoft investor writes open letter to express "deep dissatisfaction" with company performance

Follows reported underwhelming sales of Star Wars Outlaws.

Close up of Kay Vess heroine from Star Wars Outlaws
Image credit: Ubisoft / Eurogamer

An Ubisoft investor has written an open letter to the company to express their "deep dissatisfaction" with its performance and strategic direction, urging the board to consider taking the company private.

The letter, from Juraj Krupa of Slovakian hedge fund AJ Investments and Partners, follows a second fall in Ubisoft stock in under two weeks: it dropped by 10 percent two days after the release of Star Wars Outlaws and, this week, has fallen by a further 7.1 percent.

Krupa, a minority stakeholder in the company, provides a detailed valuation of Ubisoft, as well as concerns about its future and a proposal for change (thanks GamesIndustry.biz).

Star Wars Outlaws Story Trailer Watch on YouTube

"As a significant minority shareholder in Ubisoft Entertainment via AJ Investments and our partners, we are writing to express our deep dissatisfaction with the current performance and strategic direction of the company," the letter reads.

"The recent quarterly results, which included the postponement of key games like Rainbow Six Siege and The Division into the 2025 lineup and a lowered revenue outlook for the Q2 2024, have heightened our concerns about the management’s ability to deliver value to shareholders over the long term. Share price of Ubisoft have decreased by more than 40 percent over the last year, compared to rise of its competitors and indexes."

Krupa describes Ubisoft as "a great company" that is "deeply undervalued" due to mismanagement from the Guillemot family and Tencent, which has a 49.9 percent (and largest) stake in Guillemot Bros..

"Management is focused on pleasing investors with beating quarterly results and not focusing on long-term strategy to provide exceptional experience for the gamers," the letter continues.

Krupa therefore urged the board to consider taking Ubisoft private, to address issues away from public market pressures, or to not block a potential takeover. Other proposals include staff optimisation through further layoffs, a focus on core IPs, and changes to management.

Eurogamer has contacted Ubisoft for comment on this letter.

Over the last year, Ubisoft's share price has dropped by over 50 percent and is approaching a near 10-year low.

As reported by Reuters, poor sales of Star Wars Outlaws and lack of interest in free-to-play shooter XDefiant are cited as key reasons for the drop. Sales of Star Wars Outlaws have not been officially announced.

"Massive bravely peels away the many layers of Ubisoft open world-isms in Star Wars Outlaws. It's a fatal error," reads our Eurogamer Star Wars Outlaws review.

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