Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

HK Type 4 license through Ballingal Investment Advisors Ltd. 

I'm a highly experienced sell-side analyst with in excess of 22 years of covering Asia Pacific equities, the past 19 years immersed in event strategies encompassing M&A risk arbitrage, directional long/short, stub trades and restructuring.  

My background also includes accountancy (liquidation/bankruptcy/receivership) earlier in my career and as a chief financial officer of a global commodity company based in the US and Mexico.

Pan-Asia Catalysts/Events

Capgemini Seizes Control Of Altran Despite Elliott's Overtures

Quiddity Advisors

Event-Driven

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<p>The Offer by French-based IT consultancy firm <a href="https://www.smartkarma.com/entities/cap-gemini-sa" target="_blank" data-smartkarma-citation="entities:21411:1" rel="noopener">Capgemini SA (CAP FP)</a> to acquire smaller domestic rival <a href="https://www.smartkarma.com/entities/altran-technologies-sa" target="_blank" data-smartkarma-citation="entities:21386:1" rel="noopener">Altran Technologies Sa (ALT FP)</a> via a Voluntary Tender Offer closes today. For now.</p>
<p>CAP bumped the Offer price to €14.50/share on the 14 January and the majority of the register sided with the Offeror, with CAP holding 53.57% of Altran on the 27 January, the first close of the Offer. The Offer was reopened until the 10 February.</p>
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<p>CAP has stated it will not take control of Altran until after a decision of the Court of Appeal of Paris in late March.</p>
<p>That court case, co-ordinated by Elliott Advisors,  centres on the clearance decision of the AMF (Autorité des marchés financiers, the French financial market authority) on the offer and the approval by the AMF of Altran’s response document. The outcome of the court appeal will result in either the Offer being open for acceptances again for a short period; or a New Offer. At €14.50/share in either case.</p>
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<div><div><div>Effectively, there is a 2-month put option,  struck at €14.50. That has value. But that put option is only afforded if the appeal is not successful.</div></div></div>
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<div>Altran's results are due out on the 11 February and CAP's the 13 Feb. This is a buy here.</div>
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<div><div>More below the fold.</div></div>
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The Offer by French-based IT consultancy firm Capgemini SA (CAP FP) to acquire smaller domestic rival Altran Technologies Sa (ALT FP) via a Voluntary Tender Offer closes today. For now.
CAP bumped the Offer price to €14.50/share on the 14 January and the majority of the register sided with the Offeror, with CAP holding 53.57% of Altran on the 27 January, the first close of the Offer. The Offer was reopened until the 10 February.

CAP has stated it will not take control of Altran until after a decision of the Court of Appeal of Paris in late March.
That court case, co-ordinated by Elliott Advisors,  centres on the clearance decision of the AMF (Autorité des marchés financiers, the French financial market authority) on the offer and the approval by the AMF of Altran’s response document. The outcome of the court appeal will result in either the Offer being open for acceptances again for a short period; or a New Offer. At €14.50/share in either case.


Effectively, there is a 2-month put option,  struck at €14.50. That has value. But that put option is only afforded if the appeal is not successful.


Altran's results are due out on the 11 February and CAP's the 13 Feb. This is a buy here.



More below the fold.


  

Altran Technologies Sa

Capgemini/Altran: Optionality Window