March 18, 2020 / 8:27 AM / 13 days ago

Activist Elliott ends opposition to CapGemini's Altran bid

PARIS (Reuters) - U.S. activist fund Elliott ended its long resistance to software company CapGemini’s (CAPP.PA) $4.1 billion (3.38 billion pounds) friendly takeover of smaller rival Altran (ALTT.PA) on Wednesday.

Elliott said in a regulatory filing with France’s AMF regulator that the recent worldwide stock market slump meant it was now prepared to sell its Altran shares to CapGemini.

The activist investor had been holding out for CapGemini to make a higher bid, arguing its offer undervalued Altran.

In January, CapGemini had slightly raised the value of its bid for Altran to 14.5 euros a share from 14 euros, valuing the company at 3.7 billion euros (3.37 billion pounds).

Reporting by Sudip Kar-Gupta and Gwenaelle Barzic; Editing by Alexander Smith

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