EQT makes improved £9.7bn offer for Intertek
Previous bid for FTSE 100 group from Swedish private equity firm rejected
EQT has submitted an improved takeover bid for Intertek, valuing the FTSE 100 testing specialist at roughly £9.7bn and stepping up its pursuit of the company after an initial bid was rejected earlier this month.
EQT proposed a new offer earlier this week at about £54 a share, according to people familiar with the matter. That would work out to a roughly 5 per cent increase from a previous proposed offer of £51.50 a share in cash.
EQT’s new offer works out to more than an £8.3bn market capitalisation or a roughly £9.7bn enterprise valuation.
The new offer from the Swedish buyout group will increase pressure on Intertek, which announced last week that it planned a strategic review to explore the separation of its energy and infrastructure business.
That disclosure came two days before EQT confirmed its takeover interest in Intertek on April 16. Intertek said it had rebuffed EQT’s first offer and that its board “unanimously concluded that it fundamentally undervalues Intertek and its future prospects”.
Shares in Intertek, which carries out safety testing and certification, have surged following the news and are up by about a third this month to trade at more than £48 a share.
That marked a reversal after Intertek’s shares plunged 18 per cent in a single day in early March in reaction to muted forecasts for two of its key business lines.
News of EQT’s revised offer came on the same day that French competitor Bureau Veritas saw its own shares plunge 13 per cent after cutting its outlook for growth this year, underscoring the challenges for listed companies in the sector. Intertek had previously been involved in long-running merger talks with Bureau Veritas that collapsed in late 2024.
Under UK takeover regulations, EQT has until 14 May to make a firm offer for Intertek or walk away.
Intertek did not immediately respond to a request for comment. EQT declined to comment.