Gameloft Board Members Quit After Takeover By Vivendi
June 29 2016 - 2:19AM
Dow Jones News
By Inti Landauro
PARIS--The board members of France's Gameloft SE (GFT.FR) have
resigned in protest at the takeover of the mobile games editor by
French media and entertainment conglomerate Vivendi SA
(VIV.FR).
"On a managerial level, Vivendi's methods are clearly opposite
to the vision of the board and the management," Gameloft said on
Wednesday.
"The board of directors cannot accept to become the simple
subordinate of decisions of a majority shareholder whose strategic
vision and managerial values it doesn't share."
A Vivendi spokesman wasn't immediately available for
comment.
The mass resignations at Gameloft is the latest episode of a
battle between Vivendi's largest shareholder Vincent Bollore and
the Guillemot brothers for the control of two French videogame
companies Ubisoft Entertainment SA (UBI.FR) and Gameloft which the
Guillemots founded. Vivendi had said it planned to replace the
board after the takeover.
Gameloft has had success making games for mobile such as
"Despicable Me: Minion Rush" and "Dragon Mania Legends", while
Ubisoft is known for its franchise "Assassin's Creed" among
others.
Vivendi last month managed to secure the control of Gameloft
through an hostile takeover bid and raised its stake in Ubisoft to
more than 20%.
-Write to Inti Landauro at inti.landauro@wsj.com
(END) Dow Jones Newswires
June 29, 2016 03:04 ET (07:04 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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