Gameloft’s founding Guillemot family, which tried to fend off Vivendi’s hostile takeover efforts, said that it would sell its stake to the media giant, Reuters reported.
“The Guillemot family announces that it has decided, with regret, to tender the bulk of its shares to the hostile takeover bid initiated by Vivendi,” a statement said, adding that it maintains the French conglomerate’s hostile approach goes against the best interest of Gameloft.
The Guillemot family owned 22.43 percent of Gameloft shares as of 14 April, according to the report.
Last week, Vivendi said it was “very pleased” with the success of its public tender offer for shares of Gameloft, thanks to which it had 61.71 per cent share capital and at least 55.61 per cent voting rights.
According to French media reports, Michel Guillemot, Gameloft’s CEO, said he will leave the firm soon after the annual shareholders meeting on 29 June.
That is the same meeting where Vivendi plans to appoint the majority of the directors to the board of Gameloft.
In a message to Gameloft employees, Vivendi said: “We are convinced that Gameloft, with Vivendi’s backing, can be more ambitious in its growth plans. In a rapidly-evolving market, your company, which needs industrial and financial backing to develop, will be able to count on our full support and commitment.”
Earlier, Gameloft said Vivendi does not have any specific know-how in the video game industry since the sale of Activision one year ago, and that its media properties would “bring limited revenue synergies”.
Meanwhile, Vivendi has also increased its stake in game publisher Ubisoft, controlled by the same family, and is looking to have representation on its board.