Vivendi now owns 28.20% of Gameloft’s share capital and 25.00% of the voting rights (vs. 16.63% and 25.11% for the Guillemot family). We believe Vivendi will launch a public tender offer on Gameloft in the short term (hostile or friendly, it will succeed in our view) to force Ubisoft to enter into discussions and convince the Guillemot family that there are synergies between both groups. And finally, we expect a friendly takeover bid on Ubisoft sometime in 2016e. Vivendi’s stakes in both companies encourage speculation and we believe in it. Buy ratings on Gameloft (FV of EUR 6.7) and Ubisoft (FV of EUR37). Our FVs reflect minimum prices in the case of takeover bids.
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