On January 8, 2020, Elliott Advisors (UK) Limited published a letter outlining its concerns with Capgemini SE’s offer for Altran Technologies SA. Elliott Advisors expressed its view that recent developments have underscored its current intention to not tender into Capgemini SE’s offer that fails to recognize the Company’s true value. Elliott Advisors stated that it continues to urge Capgemini SE to properly recognize the true value of this transformative combination. Elliott Advisors added that it is convinced that a fair price would result in a win-win scenario for both the Company and Capgemini SE shareholders, and prevent further uncertainty and integration delay. Elliott Advisors expressed its view that all the Company shareholders should be well-informed of the options available to them, particularly in light of Capgemini SE’s binding commitments should the offer succeed.