Adds bid background
PARIS, Dec 12 (Reuters) - Activist hedge fund Elliott would sell its shares in France's Altran ALTT.PA if software consultancy Capgemini CAPP.PA increased its bid for Altran to 18 euros from 14 euros per share, a source familiar with the situation told Reuters.
The source added that if Capgemini were to increase its bid to that level, French minority shareholders defence group Adam may drop its legal challenge to Capgemini's bid.
Late last month, Capgemini said it would stick to its 14 euros ($15.43) per share for smaller rival Altran, despite pressure from Elliott for a higher offer.
Elliott, which made waves in France last year when it revealed a stake in drinks maker Pernod Ricard PERP.PA, has since built a holding of more than 10% in Altran, regulatory filings show. [nL8N2853XA]
It has also said Capgemini's 3.6 billion-euro bid from June this year undervalued Altran.
Capgemini CEO Paul Hermelin has said that he believed his firm would manage to get 50.1% of Altran shareholders behind the deal at the current offer price.
Capgemini is hoping the deal will add to its services in industries from telecoms to aerospace, and bring large cost savings. Its offer represented a 22% premium to Altran's share price on the day it was announced.
Capgemini's bid also faces other hurdles, such as legal challenges filed in Paris by representatives of Altran's minority shareholders, including Elliott, taking issue with some of the formalities around the deal.
(Reporting by Gwenaelle Barzic and Mathieu Rosemain; Writing by Geert De Clercq; Editing by Toby Chopra)
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