In 2024, concerns emerged over a potential creeping takeover of Ubisoft, amid a backdrop of concentrated governance, limited share liquidity, and growing uncertainty surrounding changes in the company's shareholder base. On October 7, 2024, Ubisoft issued a public statement asserting that no takeover offer was being contemplated. However, this non-binding declaration failed to address market concerns or provide legal certainty.
Shortly beforehand, on September 25, 2024, the company had sharply revised its financial guidance downward—just weeks after having released upbeat forward-looking statements. This abrupt reversal raised serious questions about the credibility of Ubisoft's financial disclosures and its compliance with the EU Market Abuse Regulation (MAR), particularly regarding the timely communication of inside information.