For largest shareholder Elliott, a U.S. activist fund, that new offer may not be enough. It’s been a six month battle to date between Capgemini and Elliott.

Hermelin’s frustration with the situation is palpable, he states “I’m trying kill all the rumors that say: let’s wait, there will be something better tomorrow. There won’t,” further adding, “We’ve closed off all possibilities of something better tomorrow.”

Since last summer, Elliott has gradually built up its stake to 14% compared to Capgemini’s 11.43% stake. Should the deal fall apart, Capgemini would seek other partnerships and in particular target those with expertise in next generation of mobile technology, or 5G.

Altran shareholders have been informed their deadline to tender their shares is Jan. 22. The acquisition would provide Capgemini with additional capabilities in telecoms, aerospace and other industries. The original offer put forth by Capgemini represented a 22% premium on the day announced.