Intertek shares climb as EQT boosts bid proposal to 5,800p per share
Shares in Intertek Group PLC rose on Tuesday after EQT Fund Management Sarl further raised its offer for the FTSE 100-listed firm.
Luxembourg-based investment advisory firm EQT Fund Management Sarl, in its role as manager of the EQT X fund, boosted its bid proposal to 5,800 pence per share from 5,400p per previously.
London-based assurance, inspection, product testing and certification Intertek rejected the 5,400p tilt, and an opening approach priced at 5,150p per share, saying it ‘fundamentally undervalues Intertek and its future prospects’.
On Tuesday, shares in Intertek rose 6.5% to 5,116.00p each in London for a market value of £7.92 billion. It was the biggest riser on the FTSE 100, which was down 0.9%.
EQT said the latest proposal delivers ‘certain and accelerated cash value for shareholders, superior to the range of outcomes associated with Intertek’s standalone prospects’.
It has submitted this ‘significantly higher’ plan with a view to securing ‘prompt and constructive’ engagement from the board of Intertek, it added.
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.
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