UPDATE: EQT "disappointed" by Intertek engagement as offer rejected

(Alliance News) - EQT Fund Management Sarl on Friday confirmed Intertek Group PLC rejected its ...

Alliance News 8 May, 2026 | 12:16PM
Email Form Facebook Twitter LinkedIn RSS

(Alliance News) - EQT Fund Management Sarl on Friday confirmed Intertek Group PLC rejected its improved offer proposal, stating that it was "disappointed" by the board's lack of engagement.

EQT said it was also disappointed with Intertek's characterisation of the proposal as a significant execution risk, "particularly given that constructive dialogue is necessary to assess and progress a proposal in the interests of all shareholders."

The company explained that it believes its further increased proposal of 5,800 pence in cash for each Intertek share delivers "certain" and "accelerated" cash value for shareholders, "superior to the range of outcomes associated with Intertek's standalone prospects."

Intertek earlier on Friday said it rejected the latest takeover approach from EQT, believing it "significantly undervalues" its prospects.

The London-based assurance, inspection, product testing and certification affirmed that its strategic review announced last month, which will look into a sale or demerger of of Intertek Energy & Infrastructure, "presents a significant value creation opportunity".

EQT on Tuesday said it made a new proposal of 5,800 pence per Intertek share, which values the company as whole at around GBP8.93 billion.

Intertek shares were 2.3% lower at 4,931.00p each in London on Friday afternoon, for a GBP7.58 billion market capitalisation.

"The board of Intertek has carefully reviewed the further revised proposal with its advisers and unanimously concluded that it significantly undervalues Intertek and its future prospects and there is significant execution risk given its conditional nature. Accordingly, the Intertek board unanimously and unequivocally rejected the further revised proposal," Intertek said.

Intertek had also rejected prior EQT proposals of 5,400p and 5,150p per share.

Last month, it launched a strategic review and said it was considering selling or demerging its Intertek Energy & Infrastructure business. The strategic review will consider whether Energy & Infrastructure and Testing & Assurance "would be better positioned as separate businesses to unlock their full potential", Intertek explained.

The company said on Friday: "Since the announcement of the strategic review, the company has received an encouraging level of interest from potential buyers of Intertek Energy & Infrastructure."

By Eric Cunha, Alliance News news editor, and Christopher Ward, Alliance News reporter.

Comments and questions to newsroom@alliancenews.com

Copyright 2026 Alliance News Ltd. All Rights Reserved.

Email Form Facebook Twitter LinkedIn RSS

Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Rating
Intertek Group PLC 4,919.50 GBX -2.51

About Author

Alliance News

Alliance News provides Morningstar with continuously updating coverage of news affecting listed companies.

© Copyright 2025 Morningstar, Inc. All rights reserved.

Terms of Use        Privacy Policy        Modern Slavery Statement        Cookie Settings        Disclosures