IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

Arun has over 15 years’ experience covering the Technology sector. During this time, he has worked with technology start-ups and as an equity analyst in investment banks and independent research firms. He was formerly a Technology Analyst for Canaccord Genuity, Altium Securities, Espirito Santo Investment Bank, Noble Group and Clear Capital. He has a dual Master’s degree in Financial Engineering and Industrial and Operations Engineering from the University of Michigan. He obtained his Bachelor’s degree in Mechanical Engineering from the Indian Institute of Technology, Bombay. He is also a CFA charterholder.

IPOs and Catalysts/Events

Smartkarma Webinar | Capgemini/Altran Tender Offer

Capgemini/Altran Tender Offer: Next Moves for Holdout Shareholders

Capgemini Seizes Control Of Altran Despite Elliott's Overtures

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<p>The long-drawn-out battle between <a href="https://www.smartkarma.com/entities/cap-gemini-sa" target="_blank" data-smartkarma-citation="entities:21411:1" rel="noopener">Cap Gemini SA (CAP FP)</a> and Elliott Management for <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> has taken several steps towards a resolution. The reopened tender offer closed on 10 February with the result expected in the next week. Altran reported its 4Q19 results the next day (11 February). Also, it was announced last week that the Paris Court of Appeal will give its decision on 19 March.</p><div class="content-highlight"><p>In <a href="https://www.smartkarma.com/insights/capgemini-altran-tender-offer-next-moves-for-holdout-shareholders" target="_blank" rel="noopener">our previous note</a>, we analysed the options of the holdout shareholders which we categorised into three buckets – Elliott, traders/short-term holders and long-term believers. We viewed Altran’s 4Q results as a key upcoming catalyst. Post the results, the optionality of the holdout shareholders have become more polarised. </p></div><p><strong>Smartkarma Webinar | Capgemini/​Altran Tender Offer (1700hrs Singapore time on 12 February 2020) -</strong> We will discuss next moves for holdout shareholders in a webinar moderated by Smartkarma's <a href="https://www.smartkarma.com/profiles/jon-foster" target="_blank" data-smartkarma-citation="accounts:8" rel="noopener">Jon Foster</a>.</p>

The long-drawn-out battle between Cap Gemini SA (CAP FP) and Elliott Management for Altran Technologies Sa (ALT FP) has taken several steps towards a resolution. The reopened tender offer closed on 10 February with the result expected in the next week. Altran reported its 4Q19 results the next day (11 February). Also, it was announced last week that the Paris Court of Appeal will give its decision on 19 March.In our previous note, we analysed the options of the holdout shareholders which we categorised into three buckets – Elliott, traders/short-term holders and long-term believers. We viewed Altran’s 4Q results as a key upcoming catalyst. Post the results, the optionality of the holdout shareholders have become more polarised. Smartkarma Webinar | Capgemini/​Altran Tender Offer (1700hrs Singapore time on 12 February 2020) - We will discuss next moves for holdout shareholders in a webinar moderated by Smartkarma's Jon Foster.

Capgemini/Altran Tender Offer: Optionality Shifts to Long-Term Investors