Elliott steps up demands for Capgemini to hike Altran bid price [Reuters]
CAPGEMINI SE UNSP/ADR (CGEMY)
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Source: Reuters
Elliott steps up demands for Capgemini to hike Altran bid price PARIS (Reuters) - Capgemini’s ( CAPP.PA ) offer for Altran ( ALTT.PA ) undervalues the company and does not offer an adequate premium for control, activist hedge fund Elliott said on Wednesday, stepping up its campaign to extract a higher bid price from the French firm. Elliott, which caused waves in France last year when it revealed a stake in drinks maker Pernod Ricard’s ( PERP.PA ) capital, has since built up a stake of more than 10% in engineering consultancy Altran through equity derivatives. The fund had already said it thought Capgemini’s 14 euro per share, or 3.6 billion-euro ($3.97 billion) bid for Altran, was too low, and on Wednesday it expanded on its campaign, saying similar deals in the sector had carried much higher premiums. Capgemini has been sticking to its guns, however. Chief Executive Paul Hermelin told Reuters in an interview this week that the software company would stand by its price tag. He
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