Sweden's EQT tables third proposal for British testing firm Intertek (updated)

Intertek

05/05/2026 08:04

Recasts paragraph 1 with Intertek's response, adds graphic and updates share move

Intertek says reviewing revised EQT offer

It is EQT's third bid in three weeks

Intertek shares surge 9.6% but remain below EQT's latest 58-pound-per-share bid

EQT says new offer delivers superior value versus Intertek's standalone prospects

By Yamini Kalia and Simone Lobo

May 5 (Reuters) - Britain's Intertek ITRK.L said on Tuesday it was reviewing a revised takeover bid from Swedish private equity group EQT AB EQTAB.ST, valuing it at 8.93 billion pounds ($12 billion), weeks after the product testing firm rebuffed previous offers.

London-listed Intertek's shares jumped to their highest since March 2025 on the news, rising as much as 9.6% to 52.64 pounds. However, this was below the new 58-pound-per-share cash offer submitted by EQT.

It is EQT's third bid in three weeks after Intertek rejected an initial 51.50-pound-per-share proposal and a sweetened 54-pound-per-share bid on grounds they undervalued the company and its prospects.

The stock has surged more than 20% since EQT first disclosed its interest in the company in mid-April.

"EQT clearly wants to own this asset and seems to recognise the structural growth and the financial attractions of the business, which the market sadly did not," Panmure Liberum analyst Joe Brent told Reuters.

Intertek, which helps companies ensure their products, operations and supply chains meet quality, safety and sustainability standards, is exploring plans to split its two businesses to drive growth and boost shareholder returns.

Plans of a split came a day after EQT made its first approach.

"The share price seems to suggest that a break (up of Intertek) is still very likely, which we do not agree with," Brent said.

EQT said the improved proposal would deliver accelerated cash value for Intertek shareholders, superior to possible outcomes associated with Intertek's standalone prospects.

The Swedish firm has until May 14 to make a formal offer or walk away under UK takeover rules.

Intertek is among a handful of FTSE 100 companies that have attracted takeover interest this year, including DCC DCC.L, Schroders SDR.L and Beazley BEZG.L.

($1 = 0.7393 pounds)

Intertek shares have underperformed London's bluechip index https://www.reuters.com/graphics/INTERTEK-HOT/gkvlkzwerpb/chart.png

(Reporting by Yamini Kalia, Prerna Bedi and Simone Lobo in Bengaluru; Editing by Subhranshu Sahu and Emelia Sithole-Matarise)

((Yamini.Kalia@thomsonreuters.com))