Intertek agrees ‘attractive’ £9.5 billion takeover offer from EQT
Intertek Group PLC on Thursday accepted a £9.5 billion takeover offer from EQT Fund Management Sarl, ending weeks of talks between the two parties.
EQT’s offer, made through bid vehicle Isotope Bidco Ltd, values each share in the London-based assurance, inspection, product testing and certification provider at 6,107.70 pence. This includes 6,000p in cash per share, plus the final dividend of 107.7p per share.
In total, the approach values Intertek’s share capital at around £9.5 billion and implies an enterprise value of around £10.9 billion. It represents a 62% premium to Intertek’s share price of 3,770p at the close of business on April 9, the last business day before EQT submitted its initial proposal.
In response, shares in Intertek were up 1.3% at 5,795.00p each for a market value of £8.92 billion.
Intertek Chief Executive Andre Lacroix said: ‘This offer represents an attractive opportunity for Intertek shareholders by delivering cash certainty today, and we are confident that Intertek will continue to thrive in the industry.’
EQT had already outlined the terms of its bid proposal, and in May Intertek said it would support such an offer should it materialise.
Intertek had previously spurned three prior proposals worth 5,150p, 5,400p and 5,800p per share.
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