Gameloft's Board of Directors' Reaction to Vivendi's Tender Offer

Feb 29, 2016, 02:00 ET from Gameloft

PARIS, February 29, 2016 /PRNewswire/ --

On Friday February 26th, 2016 the Board of Directors of Gameloft has reviewed the tender offer filed by Vivendi with the French Autorité des Marchés Financiers (AMF) on February 18th, 2016 and has unanimously observed that the tender offer initiated by Vivendi is against the interests of Gameloft, its shareholders, its employees and its customers.

This observation is based on four main reasons:

- The lack of industrial rationale of this proposed combination. Since the sale of its gaming business over a year ago, Vivendi's revenues are mainly generated by its pay TV business through Canal+ and by its music division through Universal Music. Today, none of Vivendi's businesses can bring attractive synergies to Gameloft. As an independent company, Gameloft has all the necessary assets developed since its inception to deliver its industrial plan, which aims at taking advantage of the growth of the mobile video games industry and  in particular the substantial growth of the programmatic mobile advertising market,

- The financial terms of the offer which do not reflect Gameloft's intrinsic valuation and future prospects, which is partly reflected in Gameloft's stock price,

- The adverse impact on Gameloft's staff due to the hostile nature of Vivendi's offer and in particular on its creative teams and their management, who strongly value the independence of the company,

- The conditions by which Vivendi increased its stake in Gameloft since September 22, 2015, which the Board estimates they have deceived and adversely affected minority shareholders who sold their shares to Vivendi.

The Board of Directors will meet at a later stage, and will subsequently issue a detailed and substantiated recommendation on the terms of the tender offer, in compliance with relevant regulation.

About Gameloft 

A leading digital and social game publisher, Gameloft® has established itself as one of the top innovators in its field since 2000. Gameloft creates games for all digital platforms and with an audience of 147 million monthly users offers via Gameloft Advertising Solutions a unique level of visibility and involvement to advertisers. Gameloft operates its own established franchises such as Asphalt®, Order & Chaos, Modern Combat and Dungeon Hunter and also partners with major rights holders including Universal, Illumination Entertainment, Disney®, Marvel®, Hasbro®, Fox Digital Entertainment, Mattel® and Ferrari®. Gameloft distributes its games in over 100 countries and employs 6,000 people worldwide.

Gameloft is listed on NYSE Euronext Paris (NYSE Euronext: GFT.PA, Bloomberg: GFT FP, Reuters: GLFT.PA). Gameloft's sponsored Level 1 ADR (ticker: GLOFY) is traded OTC in the US.

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SOURCE Gameloft