One particularly interesting aspect of the investor note comes when Pachter addresses EA's 2004 purchase of a 20% stake in Ubisoft. Seeing little point in EA keeping its minority shareholder position without taking further action, Pachter recommends EA either complete the acquisition of the company, or sell off its stock. "In our view, EA shareholders can decide individually whether an investment in Ubisoft is prudent (and of course, we think it is)," he wrote. "We therefore believe that EA should either complete its acquisition of Ubisoft or divest of its minority interest. With approximately $2.4 billion in cash, EA could complete its acquisition of Ubisoft at any time."
Last year, Ubisoft CEO Yves Guillemote admitted that if EA is committed to acquiring Ubisoft, the French publisher would have little recourse. "We are not safe from a hostile action from Electronic Arts," he said.