Summary
EQT has returned with a third proposal to acquire Intertek, increasing its bid to 58 pounds per share and valuing the testing and inspection group at £8.93 billion ($12.08 billion). The announcement drove Intertek shares higher in London trading, lifting the stock by nearly 7% by 08:32 GMT.
Offer details and market reaction
The updated proposal of 58 pounds per share marks a material increase from EQT's prior bid of 54 pounds per share, which Intertek's board declined last month. The fresh offer equates to a 54% premium relative to Intertek's closing price of 3,770 pence on April 9, the day before EQT's initial approach became public. After the revision was tabled, market prices moved, reflecting investor interest in the higher cash consideration.
EQT has characterised the renewed proposal as providing "certain and accelerated cash value" to Intertek shareholders and argued it is superior to potential outcomes if Intertek remains a standalone company.
Regulatory timetable and procedural context
Under U.K. takeover regulations, EQT faces a "put up or shut up" deadline of May 14. By that date EQT must either declare a firm intention to make an offer or withdraw its approach.
Strategic review at Intertek
The approach comes against the backdrop of Intertek's strategic review announced last month. As part of that process, the company is assessing whether to pursue a sale or demerger of its Energy & Infrastructure division. Management has indicated that such a move would separate the group into two distinct global businesses, depending on the outcome of the review.
Additional market context
Market tickers shown alongside these developments include ITRK and EQTAB, with Intertek's share price movement notably stronger following the higher proposal.
Conclusion
EQT's third offer at 58 pounds per share raises the stakes in its pursuit of Intertek, boosting the group's valuation to £8.93 billion and prompting an immediate positive reaction in the stock market. The next key date in the process is May 14, when EQT must either firm up an offer or step back under U.K. takeover rules. Meanwhile, Intertek's strategic review of its Energy & Infrastructure division remains an active and material factor in the company's near-term prospects.