Gameloft’s board has said that Vivendi’s public offer of EUR 6 per share for 70 percent of the mobile games developer is against its interests and those of its shareholders, employees and customers. It said that in light of its intrinsic value and prospects, the offer was financially insufficient.
The company said it sees no industrial rationale because there are no synergies with Vivendi, which sold off its games subsidiary Activsion Blizzard. Gameloft said it had everything in place to capitalise on the growth of the mobile games market, particularly the very fast growth in programmatic advertising.
Gameloft also cites the hostile takeover bid as destabilising its teams, especially creatives and their managers who are very attached to the independent character of the company.
Furthermore, minority shareholders have been wronged by Vivendi, Gameloft said, after Vivendi built up an initial 30 percent stake in Gameloft in the open market before launching its public bid. Since Vivendi first disclosed last October it was buying shares in Gameloft, the share price has risen by 50 percent.