Intertek reviewing improved EQT proposal after earlier rejection

Intertek Group PLC on Wednesday said it has received an improved takeover approach from EQT, following the rejection of an earlier bid the company said undervalued the business.

The London-based assurance, inspection, product testing and certification said it received an unsolicited, indicative and conditional proposal on Tuesday from EQT Fund Management Sarl, in its role as manager of the EQT X fund, to acquire the entire share capital of the company at £54.00 per share in cash.

This represents an increase from the previous £51.50 per share offer, which Intertek rejected last week, saying it ‘fundamentally undervalues Intertek and its future prospects’.

Shares in Intertek were up 2.7% at 5,030.00 pence in London on Wednesday afternoon.

Intertek said its board is now reviewing the revised proposal with advisers and will provide a further update in due course.

‘There can be no certainty that any offer will be made nor as to the terms on which any offer might be made,’ the company said, advising shareholders to take no action at this stage.

Under UK takeover rules, EQT has until May 14 to either announce a firm intention to make an offer or confirm that it does not intend to proceed.

The announcement was made in response to recent media speculation and does not constitute a firm offer.

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