ELLIOTT-ADVISORS-UK
8.1.2020 08:32:06 CET | Business Wire | Press release
Funds advised by Elliott Advisors (UK) Limited (together “Elliott”), that collectively hold an economic interest in Altran Technologies SA (“Altran” or the “Company”) representing nearly 14% of the share capital, today published a letter outlining their concerns with Capgemini SE’s (“Capgemini”) offer for Altran (“the Offer”).
Elliott believes that recent developments have underscored its current intention to not tender into an Offer that fails to recognise Altran’s true value.1 Elliott’s open letter to shareholders includes the following key points:
- Capgemini’s Offer Is Inadequate. The current Offer is the result of a suboptimal process driven by a series of corporate governance shortcomings. We consider that the Offer price of €14.00 per share does not reflect Altran’s true value and implies that shareholders are expected to forgo nearly all the upside potential of this combination.
- Offer is Now Worse: The Implied Premium Is Shrinking. The equity market has gone up in value since the Offer was announced in June, yet the Offer price has remained unchanged. Based on analysts’ consensus break price, the premium offered to shareholders today is only 7% , which is significantly below the 38% offered in comparable precedent transactions.2 Furthermore, key shareholders and market participants have expressed increasingly negative sentiment towards the Offer price.3
- More Pathways to Realise Value; Fewer Reasons to Tender Now. In Elliott’s view, there is no compelling case for tendering now given (1) the potential mid-term upside in shares of an independent Altran if the Offer fails compared to the currently inadequate Offer price,4 and (2) if the Offer succeeds, the incremental potential upside that could accrue to minority shareholders alongside Capgemini resulting from the synergy potential of the combination. Furthermore, should the Offer succeed, Capgemini’s commitments to reopen or refile the Offer after the Paris Court of Appeals decision in March in principle create the potential for additional optionality for remaining Altran shareholders.
Elliott continues to urge Capgemini to properly recognise the true value of this transformative combination. Elliott is convinced that a fair price would result in a win-win scenario for both Altran and Capgemini shareholders, and prevent further uncertainty and integration delay. In the meantime, Elliott believes all Altran shareholders should be well-informed of the options available to them, particularly in light of Capgemini’s binding commitments should the Offer succeed.
Elliott’s letter, along with additional analysis and perspectives, are available to view and download at www.FairValueforAltran.com . Interested parties are encouraged to visit the website to receive additional information and sign up for future updates.
About Elliott
Elliott Management Corporation manages approximately $40.2 billion of assets. Its flagship fund, Elliott Associates, L.P., was founded in 1977, making it one of the oldest funds under continuous management. The Elliott funds’ investors include pension plans, sovereign wealth funds, endowments, foundations, funds-of-funds, high net worth individuals and families, and employees of the firm. Elliott Advisors (UK) Limited is an affiliate of Elliott Management Corporation.
1 Elliott's declarations of intent can be found on the AMF's website under the following references: D&I 220C0024 (3 January 2020); D&I 219C2705 (12 December 2019); D&I 219C2175 (5 November 2019); D&I 219C1736 (27 September 2019); D&I 219C1733 (26 September 2019); D&I 219C1630 (18 September 2019); D&I 219C1158 (12 July 2019). As stated in its declarations of intent, Elliott’s final intention will be determined at the end of the Offer period and promptly disclosed in accordance with the applicable regulation following its determination. |
2 “Break price” constitutes analysts’ estimate of the level at which Altran shares would trade should the Offer fail. Consensus break price corresponds to the average of break prices of event-driven brokerage research and commentary from Churchill, Olivetree, United First Partners, Investec, Market Securities, and Manolo from 4 December 2019 to 6 January 2020. List of comparable precedent transactions and further analysis can be found on page 12 of Elliott’s ‘Fair Value for Altran’ presentation published on 27 November 2019, available at www.FairValueForAltran.com . |
3 Examples of negative sentiment can be found on page 3 of Elliott’s Open Letter To Shareholders published today, available at www.FairValueForAltran.com . |
4 Illustrative mid-term value creation potential can be found on page 16 of Elliott’s ‘Fair Value for Altran’ presentation published on 27 November 2019, available at www.FairValueForAltran.com . |
View source version on businesswire.com: https://www.businesswire.com/news/home/20200107006138/en/
About Business Wire
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
Enhertu® Approved in the EU as First Tumor Agnostic HER2 Directed Therapy and Antibody Drug Conjugate for Patients with Previously Treated HER2 Positive Metastatic Solid Tumors29.6.2026 08:30:00 CEST | Press release
Approval based on three phase 2 trials of Daiichi Sankyo and AstraZeneca’s Enhertu that demonstrated clinically meaningful responses across a broad range of tumors Enhertu now approved for six indications in the EU Enhertu® (trastuzumab deruxtecan) has been approved in the European Union (EU) as a monotherapy for the treatment of adult patients with unresectable or metastatic HER2 positive (immunohistochemistry [IHC] 3+) solid tumors who have received prior treatment and who have no satisfactory treatment options. Enhertu is a specifically engineered HER2 directed DXd antibody drug conjugate (ADC) discovered by Daiichi Sankyo (TSE: 4568) and being jointly developed and commercialized by Daiichi Sankyo and AstraZeneca (LSE/STO/NYSE: AZN). The approval by the European Commission follows the positive opinion of the Committee for Medicinal Products for Human Use of the European Medicines Agency and is based on results from subgroups of patients with HER2 positive (IHC 3+) tumors across thr
Beerenberg Prevails in Patent Case Against Aspen Aerogels29.6.2026 07:00:00 CEST | Press release
The ruling confirms that Beerenberg did not infringe Aspen Aerogels’ patents. The Korean Patent Court has invalidated three of Aspen Aerogels’ patents related to improved hydrophobic aerogel material. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260628192007/en/ Beerenberg delivers high-end insulation solutions built for performance, reliability, and long-term value. (Photo: Beerenberg) The ruling confirms the conclusion of the Intellectual Property Trial and Appeal Board (IPTAB) that the patents did not meet the necessary requirements for patentability. Beerenberg, which specializes in high-end insulation products, welcomes the court’s decision. “We are pleased that the case has now been concluded and that any uncertainty regarding the infringement claims has been removed,” says CEO Arild Apelthun. About Beerenberg Beerenberg has delivered cost-efficient solutions to a wide range of industrial enterprises for 49 years. Th
Seiden Law LLP States: Cambodian Businessman Leak Yim, Wrongfully Accused in Thailand, Seeks Redress in U.S. Court29.6.2026 06:00:00 CEST | Press release
Seiden Law LLP (“Seiden Law”), legal counsel for Mr. Leak Yim, a Cambodia national, and his family, announces the filing of an application in U.S. federal district court in Washington D.C., seeking court-ordered discovery to uncover the false and misleading information that may have led to mistaken prosecution in Thailand of Mr. Yim as well as his unwarranted identification to Congress as being associated with scam centers in Asia. 28 U.S.C. § 1782 (“1782”) provides powerful evidence-gathering remedies, permitting an applicant to obtain evidence in the United States to assist international proceedings. Seiden Law, a U.S. law firm with significant experience in 1782 cases, has filed this application to compel production of documents and sworn testimony from persons in the U.S. that will shed light on the circumstances surrounding recent actions against Mr. Yim. “Mr. Yim and his young family are the apparent victims of guilt by association and political persecution,” said Robert Seiden,
Sultan Bin Ahmed Attends Media Master's Graduation in Spain28.6.2026 18:40:00 CEST | Press release
His Highness Sheikh Sultan bin Ahmed bin Sultan Al Qasimi, Deputy Ruler of Sharjah and President of the University of Sharjah (UOS), attended on Friday, at the University of Barcelona, the graduation ceremony of the first cohort of the Master of Science in Media Entrepreneurship and Digital Innovation programme, first of its kind, offered by the University of Sharjah's College of Communication in partnership with the University of Barcelona and with strategic support from Sharjah Media City (Shams). This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260628429537/en/ Sultan Bin Ahmed attends Media Master's Graduation in Spain (Photo: AETOSWire) His Highness expressed his pride in their achievements and praised the strong partnership between the two universities, which share a commitment to knowledge, excellence and global understanding. His Highness stressed that graduation marks the beginning of a new journey rather than its con
VerSprite Launches Fork and Knife: AI-Driven Threat Modeling and Adversarial Testing Built for the Speed of Modern Software26.6.2026 23:28:00 CEST | Press release
Powered by the risk-centric PASTA methodology and two decades of accredited offensive security, the integrated platform lets enterprises threat model in a security sprint—then prove the risk through AI-led, human-on-the-loop testing. VerSprite, a global leader in risk-based threat modeling and the firm behind the PASTA (Process for Attack Simulation and Threat Analysis) methodology, today announced the general availability of Fork (www.forktm.com), a continuous application threat modeling platform, alongside Knife, an AI-led, human-on-the-loop adversarial testing platform for web applications and web API endpoints. Together, the two products operationalize a new model for product security—one where applications are securely designed, continuously modeled, and actively tested as part of the build process itself. The launch addresses a problem every security leader knows but few tools have solved: threat modeling is essential, never more so than in an AI-driven era, yet it has remained s
In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.
Visit our pressroom