Elliott Management stepped up its campaign against Altran Technologies’ sale to Capgemini last week, publishing a presentation detailing its position. Although the activist agrees that a deal makes sense, it argued the takeover price of 14 euros per share “neither reflects Altran’s intrinsic fair value, nor [is] an adequate premium for control.” Elliott said Altran shareholders could miss out on “significant value creation” as a result.
Elliott’s letter comes shortly after Capgemini CEO Paul Hermelin told Reuters he will not increase his offer and expressed confidence he would get 50.1% of shareholders behind the deal at the current price. “We saw things we liked and others we liked less,” Hermelin said, after seeing Altran’s books.