Capgemini won’t be pressured into higher Altran bid than $15.43/ share: CEO

Software company Capgemini will stick to its bid of 14 euros ($15.43) per share for smaller rival Altran, its chief executive told Reuters, as it tries to fend off pressure from activist hedge fund Elliott for a higher offer.

Elliott, which made waves in France last year when it revealed a stake in drinks maker Pernod Ricard, has since built a holding of more than 10% in Altran, regulatory filings show.

It has also said Capgemini’s 3.6 billion-euro bid from June this year undervalued Altran.

Capgemini CEO Paul Hermelin said in an interview that he believed the IT services and consultancy group would manage to get 50.1% of Altran shareholders behind the deal at the current offer price, which would not be altered.