Business Wire

Elliott Shares Concerns on Capgemini’s Offer for Altran

Share

Funds advised by Elliott Advisors (UK) Limited (together “Elliott”), that collectively hold an economic interest in Altran Technologies SA (“Altran” or the “Company”) of over 10%, today published a presentation outlining its concerns with Capgemini SE’s (“Capgemini”) offer for Altran (“the Offer”).

The presentation includes the following key takeaways:

  • Altran is an attractive asset and a compelling target for a value-creative combination: Elliott believes Altran offers a rare and highly attractive investment opportunity in the Engineering and R&D services industry, and acknowledges the highly synergistic and industry-transforming nature of a combination with Capgemini;
  • An insufficient offer price: At €14.00 per share, Elliott believes the Offer price neither reflects Altran’s intrinsic fair value, nor an adequate premium for control. Altran shareholders are being asked to forgo any participation in the significant value creation that would arise out of the proposed combination;
  • A conflict-ridden process: In Elliott’s view, the suboptimal price reflects a suboptimal process, evidenced by a series of material corporate governance failings at Altran that have emerged since the Offer was first announced.

Elliott shares Altran management’s view on the attractiveness of Altran as a standalone entity, and the tremendous value creation that would accrue from a combination with Capgemini. Unfortunately, Elliott believes the Offer price for Altran shareholders is too low. The widespread scepticism on the level of the Offer from the first day of its announcement has only been compounded by revelations on the failings of the Altran Board in recommending this Offer. Altran shareholders should consider all the facts before deciding whether to endorse such a flawed process, and accept an inadequate price for their shares.

Elliott has previously written to the CEOs and Boards of both Altran and Capgemini to express its views, and has now decided to share its analysis publicly.

Elliott’s presentation, along with additional analysis and perspectives are available to view and download today at www.FairValueforAltran.com. Interested parties are encouraged to visit the website to receive additional information.

About Elliott

Elliott Management Corporation manages two multi-strategy investment funds which combined have approximately $38.2 billion of assets under management. 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.

To view this piece of content from cts.businesswire.com, please give your consent at the top of this page.

Contact information

Media

London
Sarah Rajani CFA
Elliott Advisors (UK) Limited
+44 (0) 20 3009 1475
srajani@elliottadvisors.co.uk

Paris
Daphné Claude / Dominic Riding
Steele & Holt
+33 (0) 6 66 58 81 92 / +33 (0) 6 48 57 83 24
daphne@steeleandholt.com / dominic@steeleandholt.com

About Business Wire

For more than 50 years, Business Wire has been the global leader in press release distribution and regulatory disclosure.

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

LambdaTest Announces Deeper Collaboration with Appium as Strategic Partnership2.7.2025 18:00:00 EEST | Press release

LambdaTest, a unified agentic AI and cloud engineering platform, has announced it has become a strategic sponsor of Appium, the world’s most widely used open-source framework for mobile automation. This collaboration aims to significantly simplify and accelerate mobile test automation by integrating Appium’s capabilities into LambdaTest’s cloud-based distributed testing platform. LambdaTest has an active open-source program that provides access to LambdaTest’s testing infrastructure to community projects, so maintainers can run comprehensive test suites without worrying about servers or setup. The organization had also launched LambdaTest Grants for Open Source to support innovation in software testing frameworks and toolsets. As part of the Grants, LambdaTest had announced a $250,000 grant for open source projects and contributors building solutions for the QA and Testing community. With this Appium Strategic Partnership, LambdaTest is doubling down on the commitment made to the open

IO Interactive Announces Olivier Perbet as Chief Marketing and Revenue Officer2.7.2025 16:00:00 EEST | Press release

IO Interactive, the award-winning developer and publisher behind the globally-acclaimed HITMAN franchise, is proud to announce the promotion of Olivier Perbet to Chief Marketing and Revenue Officer (CMRO). In this expanded role, Olivier will now oversee both marketing and revenue operations across the studio’s portfolio, including Digital and Physical Sales, Business Development, and go-to-market strategy, as IOI enters an exciting new chapter of growth. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20250702593970/en/ © IO Interactive A/S Olivier joined IO Interactive as Chief Marketing Officer in 2023, bringing with him over 20 years of experience across gaming, consumer electronics, and entertainment. Since then, he has played a key role in scaling IOI’s global publishing capabilities, supporting the set-up of IOI Partners and delivering standout campaigns. Under Olivier’s leadership, IOI recently celebrated major milestone

Seoul Semiconductor’s World’s No.1 Technology Targets EV and Autonomous Vehicle Markets2.7.2025 16:00:00 EEST | Press release

Seoul Semiconductor Co., Ltd. (KOSDAQ: 046890), the world’s No. 1 company in LED backlight, announced on July 2nd that its proprietary No-wire technology, WICOP, has been supplied to the automotive market in the form of Mini LED displays since May. As the world’s first No-wire LED technology, WICOP has already proven its performance across various applications—including smartphones, TVs, lighting, and automotive headlamps. Recognized for its superior brightness and durability even in extreme automotive environments, WICOP has now officially entered the automotive display market. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20250702244031/en/ [Figure] Comparison of 1st-Generation LED and 2nd-Generation ‘WICOP’ Structure (Image: Seoul Semiconductor) The No-wire WICOP technology applied to Mini LED enables ultra-slim display designs, making it ideal for full array local dimming. This allows for deeper contrast and higher bright

Barilla Launches 7th Edition of Good Food Makers to Shape the Future of Food2.7.2025 15:20:00 EEST | Press release

Barilla officially opens applications for Good Food Makers 2025, its open innovation program dedicated to startups and innovative companies focused on creating a more sustainable and connected food system. Now in its seventh edition, the program welcomes a new format — Good Food Makers – ECOSYSTEM — developed in collaboration with Almacube, the innovation hub of the University of Bologna and Confindustria Emilia. This year’s goal is to build a true innovation ecosystem by involving Barilla’s value chain partners and accelerating the adoption of emerging technologies. Three selected startups will join a four-week co-development journey with Barilla professionals and partner companies, working side-by-side to create impactful solutions across the entire food chain — from field to fork. Applications are open until the end of July, with the program running from September to January 2026, concluding with the Innovation Day. “Good Food Makers reflects our commitment to open innovation that g

SE Labs Award Reinforces NetApp Status as the Most Secure Storage on the Planet2.7.2025 15:00:00 EEST | Press release

NetApp® (NASDAQ: NTAP), the intelligent data infrastructure company, today announced that it was recognized as a standout performer in cybersecurity in the SE LABS ® Awards 2025. NetApp won the 2025 SE Labs Award for Enterprise Data Protection, validating NetApp’s status as the most secure storage on the planet. This recognition as a winner of a 2025 SE Labs Award is a result of NetApp’s exceptional innovation in cyber resiliency to deliver NetApp ONTAP® Autonomous Ransomware Protection with Artificial Intelligence (ARP/AI), which was tested and validated by SE Labs. NetApp ARP/AI demonstrated 99 percent detection of tested, advanced full-file encryption ransomware attacks with zero false positives, indicating a strong ability to operate in a business context without contributing to alert fatigue. “Great security doesn’t just happen—it’s built, tested and proven,” says Simon Edwards, Founder and CEO of SE Labs. “Behind every high performing security product is a team committed to excel

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
World GlobeA line styled icon from Orion Icon Library.HiddenA line styled icon from Orion Icon Library.Eye