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Bloomberg: With Vivendi moving in, Gameloft CEO to resign

Jun. 01, 2016 11:22 AM ETGameloft SA ADR (GLOFY) StockVIVEF, GLOFF, UBSFF, UBSFY, VIVHY, GLOFYBy: Jason Aycock, SA News Editor9 Comments
  • Gameloft (OTCPK:GLOFY) founder and Chairman/CEO Michel Guillemot expects to resign after shareholders have backed a hostile bid for the company by Vivendi (OTCPK:VIVHY +0.1%), Bloomberg reports.
  • France's market regulator today confirmed reports from yesterday that Vivendi had the votes to control the French game maker.
  • Vivendi controls about 56% of votes and plans to appoint a majority slate at the June 29 annual meeting.
  • Guillemot and his family now turn their attention to defending their other company, the bigger Ubisoft (OTCPK:UBSFY), also the likely target of a takeover by Vivendi. The Guillemots control 15% of votes there, while Vivendi owns about 18% of capital.
  • Previously: Ubisoft threatens talent drain as Vivendi takeover defense (Mar. 23 2016)

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