Shares in Intertek rose on Tuesday after the laboratory testing company backed a higher takeover approach from Swedish suitor EQT worth £9.4 billion, making it the latest British firm to fall into foreign hands.
Intertek recommends EQT's final proposal
London-listed Intertek said it would be "minded to recommend" the £60-a-share tilt from Swedish private equity company EQT to shareholders, or £61.08 including a final dividend, should a firm offer be made. This comes after Intertek rebuffed three previous approaches from EQT which were worth £58, £54 a share and £51.50 per share, with the most recent previous proposal worth £8.9 billion.
Intertek stated: "The board of Intertek remains highly confident in Intertek's standalone strategy and the value creation opportunity outlined in the strategic review announced on April 14 2026. However, having carefully evaluated the final proposal, together with its advisers, and following significant engagement with its shareholders, the board of Intertek considers that the financial terms of the final proposal deliver value in cash to Intertek shareholders at a level which it would be minded to recommend to Intertek shareholders."
Market reaction and strategic review
Intertek shares jumped 7% higher in morning trading on Wednesday. The firm has been looking to either sell or spin off its Intertek Energy and Infrastructure division from Intertek Testing and Assurance, with plans to complete the strategic review and implement the changes by the middle of next year. It said it would now pause work on the review.
EQT has been critical of Intertek's rejections, claiming the group had failed to engage with it. Intertek said there were still details to iron out in EQT's proposal. It said: "The final proposal is subject to a number of preconditions, including completion of confirmatory due diligence and agreement of definitive transaction documentation. The board of Intertek has agreed to provide EQT with access to confirmatory due diligence on a customary basis to facilitate the announcement of a firm intention to make an offer."
Under City Takeover Panel rules, EQT has until 5pm on June 11 to make a firm bid or walk away.
