Vivendi Wins Majority Backing in Hostile Bid for Gameloft

By Nick Kostov

PARIS -- Vivendi SA appears to have prevailed in its efforts to gain control of Gameloft SE, pushing further into videogames after re-entering the sector last year.

The French media group has amassed 67.1% of Gameloft's capital and controls at least 55.6% of the votes after it launched a tender offer for its shares, according to a statement on the preliminary result of the offer Tuesday from the French stock market regulator. It bought the shares of Gameloft at EUR8 a share, valuing the videogames company at close to EUR700 million ($780 million).

The takeover is a major victory for Vivendi in its protracted battle to take control of two Paris-based videogame companies. Since October, Vivendi has been buying shares in Gameloft, a company with successes in making games for mobile phones, and Ubisoft Entertainment SA, known for franchises like "Assassin's Creed" and " Tom Clancy's the Division." But the Guillemot family, which ran both companies, argues that Vivendi doesn't know the business.

Write to Nick Kostov at Nick.Kostov@wsj.com

(END) Dow Jones Newswires

May 31, 2016 13:02 ET (17:02 GMT)

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