Bitterness of takeover sweetened as Vivendi pays Guillemot family $170 million for its shares

The founding Guillemot family has surrendered to the inevitable and is preparing to sell its Gameloft shares to Vivendi.

Split between individuals and the family company, they held 22% of total shares and 30% in terms of voting rights.

But when Vivendi announced its hostile takeover had gained the support of 62% of shareholders (and 56% of the voting rights), there was nothing further the Guillemots could do but sell with what they call "regret".

Sweetener

One consolation is the payoff of around $170 million.

Gameloft CEO Michel Guillemot, who had a 5% stake, will resign the company he founded and ran.

Ironically, before Vivendi started buying shares in Gameloft, that shareholding was worth around $14 million.

That's to Vivendi's offer of €8 per share, now it's worth $35 million.

"The family maintains that Vivendi's hostile approach goes against the best interest of Gameloft, both for its activity and for its teams," it said in a statement to the Wall Street Journal.