Gameloft Board Members Quit After Takeover By Vivendi

By Inti Landauro

PARIS--The board members of France's Gameloft SE (GFT.FR) have resigned in protest at the takeover of the mobile games editor by French media and entertainment conglomerate Vivendi SA (VIV.FR).

"On a managerial level, Vivendi's methods are clearly opposite to the vision of the board and the management," Gameloft said on Wednesday.

"The board of directors cannot accept to become the simple subordinate of decisions of a majority shareholder whose strategic vision and managerial values it doesn't share."

A Vivendi spokesman wasn't immediately available for comment.

The mass resignations at Gameloft is the latest episode of a battle between Vivendi's largest shareholder Vincent Bollore and the Guillemot brothers for the control of two French videogame companies Ubisoft Entertainment SA (UBI.FR) and Gameloft which the Guillemots founded. Vivendi had said it planned to replace the board after the takeover.

Gameloft has had success making games for mobile such as "Despicable Me: Minion Rush" and "Dragon Mania Legends", while Ubisoft is known for its franchise "Assassin's Creed" among others.

Vivendi last month managed to secure the control of Gameloft through an hostile takeover bid and raised its stake in Ubisoft to more than 20%.

-Write to Inti Landauro at [e-mail]

(END) Dow Jones Newswires

June 29, 2016 03:04 ET (07:04 GMT)

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