Vivendi Wins Majority Backing in Hostile Bid for Gameloft

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 €8 a share, valuing the videogames company at close to €700 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 [e-mail]

(END) Dow Jones Newswires

May 31, 2016 13:15 ET (17:15 GMT)

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