UPDATE: Intertek confirms rejected 'undervalued' proposal by EQT

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Intertek Group PLC on Thursday confirmed that it rejected an indicative cash proposal.

The London-based assurance, inspection, product testing and certification company said the indicative proposal comprised £51.50 per share in cash.

Intertek shares rose 12% to 4,900.00 pence each on Thursday afternoon in London.

The indicative proposal came from EQT Fund Management Sarl, in its role as manager of the EQT X fund, which has until May 14 to announce a firm intention to make an offer for Intertek, or to announce that it does not intend to make an offer.

Intertek said: ‘The board of Intertek carefully reviewed EQT’s proposal with its advisers and unanimously concluded that it fundamentally undervalues Intertek and its future prospects.’

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