Key Takeaways
- • EQT raises takeover offer for Intertek to approximately £9.7 billion (approximately $12.3 billion) after the board rejected two prior bids valued at £8.0-£8.3 billion, representing a 17% increase from the second proposal.
- • Intertek's board has unanimously and unequivocally rejected all three EQT bids to date, contending each proposal "fundamentally undervalues" the company and its long-term prospects.
- • The escalating bid sequence demonstrates private equity's sustained interest in acquiring the FTSE 100-listed testing and certification specialist, with the latest offer positioning this as the UK's second-largest take-private deal on record if completed.
- • EQT's third bid follows rejection of £51.50-per-share and £54-per-share proposals within a two-week period, with Intertek shares rising 4.7% on news of the improved approach.
- • Material uncertainty remains regarding deal completion, with Reuters sources noting "no certainty EQT will proceed with a fresh proposal," though deliberations for higher bids are reportedly ongoing.
Summary
Swedish private equity firm EQT AB has escalated its pursuit of UK-listed testing and certification group Intertek with a third improved takeover bid valued at approximately £9.7 billion, according to Bloomberg News reporting on April 29, 2026. This represents a substantial increase from EQT's second disclosed offer of £54 per share, which valued the company at approximately £8.3 billion. The sequential bid increases underscore EQT's determination to acquire the FTSE 100-listed product testing specialist despite repeated board rejections.
Intertek's board has firmly rejected all three EQT proposals to date, stating unanimously and unequivocally that each bid "fundamentally undervalues" the company. The company initially rejected EQT's first proposal at £51.50 per share before declining the second offer at £54 per share within a two-week timeframe. The board's consistent position reflects confidence in Intertek's intrinsic value and long-term growth prospects, signaling that EQT must substantially increase offer levels to gain acceptance.
The transaction, if completed at the current £9.7 billion valuation, would rank as the UK's second-largest take-private deal on record, according to Mergermarket data cited by Reuters. This positioning underscores the strategic significance of Intertek as a high-quality testing and certification asset attractive to institutional capital. Intertek's share price responded positively to news of the improved bid, rising 4.7% to 4,813 pence following the Bloomberg report.
However, material deal uncertainty persists. According to Reuters sources, there is "no certainty EQT will proceed with a fresh proposal," despite ongoing deliberations regarding higher bid levels. Both EQT and Intertek declined immediate comment on the matter. The absence of confirmed financial details for the third bid in initial reporting, combined with cautious source language, suggests negotiations remain fluid and outcome-contingent on future board receptiveness and EQT's strategic cost-benefit analysis.
Intertek's board has firmly rejected all three EQT proposals to date, stating unanimously and unequivocally that each bid "fundamentally undervalues" the company. The company initially rejected EQT's first proposal at £51.50 per share before declining the second offer at £54 per share within a two-week timeframe. The board's consistent position reflects confidence in Intertek's intrinsic value and long-term growth prospects, signaling that EQT must substantially increase offer levels to gain acceptance.
The transaction, if completed at the current £9.7 billion valuation, would rank as the UK's second-largest take-private deal on record, according to Mergermarket data cited by Reuters. This positioning underscores the strategic significance of Intertek as a high-quality testing and certification asset attractive to institutional capital. Intertek's share price responded positively to news of the improved bid, rising 4.7% to 4,813 pence following the Bloomberg report.
However, material deal uncertainty persists. According to Reuters sources, there is "no certainty EQT will proceed with a fresh proposal," despite ongoing deliberations regarding higher bid levels. Both EQT and Intertek declined immediate comment on the matter. The absence of confirmed financial details for the third bid in initial reporting, combined with cautious source language, suggests negotiations remain fluid and outcome-contingent on future board receptiveness and EQT's strategic cost-benefit analysis.
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