Intertek Group plc said on Thursday that the timetable for EQT to convert its conditional proposal into a firm offer has been moved out to 5:00 pm on June 18, 2026.
The adjustment follows a conditional approach submitted on May 11, 2026 by two EQT vehicles - EQT X EUR SCSp and EQT X USD SCSp - acting through their manager, EQT Fund Management S.à.r.l., to buy the entire ordinary share capital of Intertek.
EQT requested the additional time to finish confirmatory due diligence and to conclude certain governance procedures. Intertek said the bidder has reiterated that the financial terms of the proposal remain unchanged at £60.00 per share in cash.
Dividend treatment maintained
Under the terms of the approach, Intertek would still be able to pay a final dividend for the 2025 financial year of 107.7 pence per share, which the company reported was approved at its Annual General Meeting on May 20, 2026. Intertek stated this payment would not reduce the cash consideration offered by EQT.
According to the company, due diligence and negotiations on definitive transaction documentation have advanced during the past four weeks. The additional time is intended to allow these processes and any necessary governance steps to be completed.
The Panel on Takeovers and Mergers has agreed to the extension requested by Intertek's board. With the revised timetable, EQT must, by the new deadline, either publicly announce a firm intention to make an offer under Rule 2.7 of the Code or state that it does not intend to make an offer, which would be treated as a statement under Rule 2.8 of the Code.
Intertek noted that any further extension of the deadline would require the consent of both the company and the Panel in line with Rule 2.6(c) of the Code.
This development keeps the proposed transaction on a defined timetable while allowing EQT time to complete its internal checks and governance approvals. Shareholders will remain able to receive the approved final dividend without any adjustment to the cash price that has been put forward.
Context and next steps
The new deadline sets a clear decision point for the bidder and marks the end of the current period for confirmatory due diligence and documentation agreement. Market participants and stakeholders will watch for either a formal Rule 2.7 announcement of intent or a Rule 2.8 statement that no offer will be made by the specified time.