Update shared on 04 Feb 2026
he BFM Business broadcast from February 4, 2026, focuses on the explosive escalation in the Ubisoft governance crisis following the morning's press release from AJ Investments.
The segment translates to a high-alert scenario for the company's board, centered on the following primary developments:
1. The 15% Coalition Milestone
The news confirms that the Slovakian hedge fund, led by Juraj Krupa, has officially consolidated a coalition representing 15% of Ubisoft's total capital. This is a significant jump from the 10% support claimed in late 2024 and provides the legal threshold required under French law to formally challenge the board's composition and call for an Extraordinary General Meeting (EGM).
2. Mandate for Immediate Sale
The "Good Morning Business" report highlights that AJ Investments is no longer just asking for reform; they are demanding an immediate Sale Process. The broadcast identifies potential "White Knight" candidates who could acquire the company at a premium, including:
- Strategic Sovereign Wealth Funds (referencing previous discussions around PIF/Savvy Games Group).
- Private Equity Consortiums (targeting the "Sum-of-the-Parts" value of the studios).
- Tencent (noting their current 9.9% stake and 2025 investment in the Vantage subsidiary).
3. The "Management Rupture"
A core part of the translation involves the fund's direct attack on the current leadership. The press release describes the January 21st "Creative House" restructuring as "a cosmetic fix" that fails to address the €1B projected loss for FY2026. They are calling for the immediate replacement of Yves Guillemot with a "turnaround specialist" CEO to unlock the underlying value of the IP.
4. Valuation Arbitrage: The €40.00 Target
The segment concludes by noting the extreme disconnect between the current ticker price (fighting for support above €4.10) and the activist's target of €40–€45 per share. The analysts on the tape suggest this creates a "liquidity trap" where short sellers (holding a 10.6% position) are now physically trapped against a rising activist floor.
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