Vivendi now owns 95.9 per cent of the share capital and 95.8 per cent of the voting rights of French game publisher Gameloft, following the closing of its latest public tender offer.
Vivendi said it will propose “a modification of the board of directors so as to reflect the new shareholder structure” at Gameloft’s annual shareholders meeting on 29 June.
According to media reports, Michel Guillemot, Gameloft’s CEO, will leave the firm soon after the meeting.
The French conglomerate, which has slowly been building up its stake, said it reserves the right to request “the implementation of a squeeze-out for the Gameloft shares” in the coming three months from French regulator AMF.
Earlier in the month it was reported that Gameloft’s founding Guillemot family, which tried to fend off Vivendi’s hostile takeover efforts, would sell its stake to the media giant.
Vivendi told Gameloft employees: “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.”
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.