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Ubisoft-Vivendi: History of an independence war

Ubisoft is a French video game publisher and distributor, employing 14,800 people and generating revenues of ¤1.7 billion in 2018. The company was founded in 1986 by the five Guillemot brothers, who are still in charge as shareholders, directors and members of the management team. Independence is one of the company's fundamental values. However, at the end of 2015, the Vivendi group acquired a stake in Ubisoft and embarked on a gradual share purchase operation to the point of owning more than 25% of the shares at the end of 2017, thus becoming the largest shareholder and raising fears of a takeover bid. Ubisoft defended itself by using several means: a media communication strategy, locking the Board of Directors to prevent the entry of a Vivendi representative, calling for the support of current shareholders, seeking new investors, increasing the family's stake in the company, repurchasing its own shares by the company, mobilizing employees, etc. After more than two years of regular increases in its stake in Ubisoft, Vivendi withdrew and sold most of its shares in March 2018, then completely exited the capital in March 2019.
Objectifs pédagogiques
- Be able to analyze a situation, understand it and synthesize it.
- Work in a team.
- Critical thinking skills: understanding the advantages and disadvantages of stock exchange listing.
- Identify and analyze defensive manoeuvres against unwanted participation.
- Know how to choose the relevant data to make a judgment on the financial situation of a company, perform calculations and analyze the results (growth, profitability, debt, valuation).
- Be able to step back and discuss the relevance of a strategy (here the strategy to defend the independence of the family business).
- Understand the rules of governance and become aware of how to adapt them (in this case, to maintain family control over the company).
- Be able to make assumptions using the information available in a situation of uncertainty as to the correct answer (for this case: explanation of the reasons for Vivendi's withdrawal).
Stock exchange listing - Financial strategy - Takeover - Family business - Video games - Governance
Universities, Business schools, engineering schools, Master 1 and Master 2
Secteur d'activité
Publishing of computer games
Caractéristiques particulières
- PTT: debriefing (27 slides)
- Excel for students and teacher (Key figures of Ubisoft and Vivendi, Ubisoft stock market data and financial data from the main companies in the video game sector)
Livraison par lien de téléchargement
8 avec 11 page(s) annexe(s)
92 - Activités récréatives, culturelles et sportives
Oui (16 pages) - incluse

Adhérents : 360,00 € HT / Non adhérent : 720,00 € HT
* Usage illimité pour un campus sans limite de nombre d'étudiants.

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