PARIS (Reuters) - Capgemini (CAPP.PA) on Wednesday ruled out any new offer for smaller rival Altran (ALTT.PA) after activist fund Elliott urged the French software consultancy to raise its 14 euros per share bid.
Elliott reiterated that Capgemini’s bid failed to recognize Altran’s value.
“The equity market has gone up in value since the offer was announced in June, yet the offer price has remained unchanged,” the fund said in a letter released on Wednesday, adding it would not tender its Altran shares to Capgemini.
Elliott said it owns nearly 14% of Altran.
“There is no other offer on the table for Altran shareholders,” a Capgemini’s spokeswoman said.
Altran shares were up 0.28% at 1124 GMT.
Capgemini in December encouraged Altran investors to tender their shares by January 22.
Reporting by Matthieu Protard; editing by Jason Neely