Deals
Elliott Opposes Capgemini Takeover Terms for Altran
- Activist investor supports efforts to block $3.6 billion deal
- Paul Singer’s hedge fund expected to boost stake above 10%
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Elliott Management Corp. opposes Capgemini SE’s 3.2 billion euro ($3.6 billion) takeover of Altran Technologies SA as proposed, believing it undervalues the French technology company, according to people familiar with the matter.
The activist hedge fund run by billionaire Paul Singer thinks the transaction between the French companies would make sense under better terms, though, because of their complementary offerings and similar culture, said the people, who asked not to be identified because the matter is private. They said the firm is supportive of a call by a minority shareholders group led by Colette Neuville to block the deal under the current terms of 14 euros a share.