Altran: Invest Securities still says tender to offer

(CercleFinance.com) - In the Altran match between the activist fund Elliott and Capgemini, Invest Securities is, in a way, taking the side of the latter.


Analysts still recommend shareholders tender Altran shares to the Capgemini's takeover bid, despite the arguments provided by Elliott.

Holding more than 10% of Altran's capital, Elliott is trying to step up the pressure on Capgemini to raise its offer to 14 euros (which is also Invest Securities' target price for the share).

While it considers criticisms on its governance as well-founded, it is much less convinced by the arguments about valuation. Elliott assumes that CapGemini should pay a price that reflects a perfect execution of the strategic plan for 2022, while Altran has experienced execution problems and that the plan's targets were not priced in by the consensus, analysts argue.


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