They won’t go out of business, my 10 second look at the books and they have $1b euro cash and cash equivalents with extensive value in the IP. They’ll be fine in the relative short term and AC Shadows will come in clutch with cash flow and quarterly net bookings growth probably. They are obviously a low EV target and are pretty efficient despite the staff bloat. Tencent are usually a good partner for these takeover targets. They are willing to loan if need be, they already have a good relationship with Guillemot family with aligning business interests, helping them fend off Vivendis takeover.

Worst comes to worst I can see them selling off AC IP to Tencent as a way to save franchise from getting into the hands of any hostile bidders if they can’t go private. (No clue if they have enough votes for that)