Key Takeaways
- • EQT AB has submitted a third improved bid for Intertek at £54 per share, valuing the UK testing and inspection company at approximately £9.7 billion (including debt) or $13.1 billion, representing a 5% increase from its prior £51.50 offer.
- • Intertek's board rejected both EQT's initial £51.50-per-share proposal and the revised £54-per-share bid, stating they fundamentally undervalue the company and its prospects; a third bid remains under discussion with no certainty EQT will proceed.
- • Intertek shares surged approximately 9-10% following the disclosure of EQT's takeover approach, reflecting investor sentiment that current bids undervalue the FTSE 100-listed company.
- • The potential £9.7 billion all-cash acquisition would rank as the UK's second-largest private equity take-private deal on record, according to Mergermarket data.
- • Intertek is simultaneously evaluating a potential two-part split strategy, adding complexity to the takeover deliberations and potentially influencing valuation discussions.
Summary
Swedish private equity firm EQT AB is pursuing an acquisition of UK-listed testing and inspection giant Intertek Group following rejection of two prior bids within a two-week period. EQT's most recent offer stands at £54 per share on an all-cash basis, valuing the company at approximately £9.7 billion including debt, or roughly $13.1 billion. This represents a 5% uplift from EQT's previous £51.50-per-share proposal, which valued Intertek at approximately £8.3 billion.
Intertek's board rejected both the initial and revised offers, contending they fundamentally undervalue the company and its strategic prospects. According to available reports, EQT is currently deliberating on whether to submit a third, further-improved bid. However, Bloomberg's reporting indicates there is no certainty the Swedish buyout firm will proceed with an additional proposal, leaving the outcome uncertain as of late April 2026.
The acquisition would constitute the UK's second-largest private equity take-private transaction on record, according to Mergermarket analysis. The public market has responded positively to the takeover interest, with Intertek shares rising approximately 9-10% following news of EQT's approach, suggesting investors believe current bids are insufficient. Share price movements have reflected trading at approximately 4,813 pence following the initial disclosure of takeover discussions.
Adding strategic complexity to the situation, Intertek announced separately that it is evaluating a potential split into two separate entities, potentially reconfiguring the company's operating structure and potentially influencing valuation dynamics in any acquisition negotiation. EQT and Intertek have not disclosed detailed financial terms or timeline expectations for further discussions, and neither party provided immediate comment to Reuters regarding the status of negotiations.
Intertek's board rejected both the initial and revised offers, contending they fundamentally undervalue the company and its strategic prospects. According to available reports, EQT is currently deliberating on whether to submit a third, further-improved bid. However, Bloomberg's reporting indicates there is no certainty the Swedish buyout firm will proceed with an additional proposal, leaving the outcome uncertain as of late April 2026.
The acquisition would constitute the UK's second-largest private equity take-private transaction on record, according to Mergermarket analysis. The public market has responded positively to the takeover interest, with Intertek shares rising approximately 9-10% following news of EQT's approach, suggesting investors believe current bids are insufficient. Share price movements have reflected trading at approximately 4,813 pence following the initial disclosure of takeover discussions.
Adding strategic complexity to the situation, Intertek announced separately that it is evaluating a potential split into two separate entities, potentially reconfiguring the company's operating structure and potentially influencing valuation dynamics in any acquisition negotiation. EQT and Intertek have not disclosed detailed financial terms or timeline expectations for further discussions, and neither party provided immediate comment to Reuters regarding the status of negotiations.
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