Deals
Gameloft Board Rejects Vivendi's Takeover Offer as Too Low
- Guillemot family to fight Vivendi's Bollore for control
- Stock trading above bid, signaling traders expect raised offer
Gameloft President Michel Guillemot.
Photographer: Jacob Kepler/BloombergThis article is for subscribers only.
Gameloft SE’s founding Guillemot family rejected a hostile takeover offer from Vivendi SA and its chairman, Vincent Bollore, setting the stage for a protracted takeover battle for the French maker of mobile games.
The offer doesn’t “reflect Gameloft’s intrinsic valuation and future prospects” and lacks business rationale, Paris-based Gameloft said in a statement Monday. The comments are Gameloft’s first response to the bid announced Feb. 18 that values the target at 513 million euros ($562 million). The Guillemot family owns more than 28 percent of the voting rights in Gameloft.