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Vivendi Rules Out Ubisoft Takeover For Six Months
Vivendi released their third quarter financial results this week and, while the acquisition-happy company did expect a profitable year end, they do not expect to attempt a takeover of Ubisoft for the next half of it.
The French media company currently owns a 26% stake in Ubisoft. Due to a French accounting law, purchasing another 4% of the company triggers a requirement for Vivendi to either purchase the video game publisher or back off. Anticipating this, Ubisoft granted double-voting rights to majority shareholders like the Guillemot family this month.
In turn, Vivendi is being cautious and not attempting a takeover within the next six months.
Ubisoft has been firmly against the hostile takeover and made multiple attempts to fight Vivendi back.
“Ubisoft takes note of Vivendi’s statement," a representative told us. "We will remain vigilant about their long-term intentions and will continue to pursue our strategy of growth and value creation in the interest of all our shareholders.”
[Source: Reuters]
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