Video game developer and publisher Ubisoft has purchased 3.2 percent of its own stock in order to fend off a “hostile takeover” from French media conglomerate Vivendi according to a post by VentureBeat. Vivendi now owns 20 percent of Ubisoft’s stock granting them board seats at the game maker’s annual meeting on September 29. This particular purchase was made to possibly claim more board seats for Ubisoft.
Ubisoft will be buying 3.625 million shares from Banque Publique d’Investissement, with each share worth €33.80 ($37.95). All-in-all, the company will be spending roughly €122.5 million ($137.5 million). The deal will close in the beginning of November 2016. Click here for more information on the deal.
Ubisoft is responsible for well known franchises such as Assassin’s Creed, Far Cry, Watch_Dogs and Splinter Cell. The game company will be releasing some of the most highly anticipated games next year including For Honor, South Park: The Fractured But Whole and Tom Clancy’s Ghost Recon: Wildlands.