PARIS (Reuters) - French software consultancy firm Capgemini (CAPP.PA) encouraged Altran (ALTT.PA) investors to tender their shares by January 22, the new closing date for its friendly offer set Wednesday by market regulator AMF after judges ruled against delaying the closure of the offer.
French minority shareholders group Adam, representing among others activist fund Elliott, had lodged a legal challenge to Capgemini’s bid, saying there were irregularities in the process.
It had requested that the 3.6 billion euro ($4 billion)offer’s closure be delayed until March, when a decision on that broader question is expected.
Elliot has been saying for weeks that Capgemini’s proposal of 14 euros per share undervalues Altran.
“We are proposing to Altran’s shareholders 14 euros per share, representing a substantial 33% premium”, Capgemini said in a statement, adding that its target’s board of directors had “considered that this friendly tender offer is in the interests of Altran”.
Reporting by Gwenaelle Barzic and Simon Carraud; Writing by Matthieu Protard and Benoit Van Overstraeten, Editing by Sarah White