London, May 13, 2026, 09:11 BST
- Intertek shares were up 6.9% at 5,665p in the early London session, after the board signaled it would likely back EQT’s final £60-a-share cash offer. Investors would also hang on to a 107.7p final dividend, assuming it gets the green light.
- This is a question of deal odds, not only valuation. Intertek has opened its books to EQT, is halting its break-up plans for now, and has set June 11 as the cutoff for a binding offer or a step back.
- Bulls are finally finding some cash certainty after years spent frustrated by valuations. Bears, though, are quick to highlight the lingering discount to the £61.08 effective value—and remind that no binding offer is on the table yet.
The board’s tone shifted, and Intertek’s chart followed. The shares jumped 365p to 5,665p by 09:10 BST, brushing close to a new 52-week high. They’d started the day at 5,710p, then moved between 5,660p and 5,722.41p. Even so, the price stayed below the total economic value in EQT’s offer—investors signaling they think the deal is probable, not guaranteed.
“Minded” stood out in the morning’s updates. Intertek indicated it would be minded to back EQT’s final conditional proposal—if a firm offer lands with the same financial terms, and pending due diligence and signed agreements. That marks a notable departure from its outright rejection of previous bids at £51.50, £54, and £58 per share. Investegate
This explains the sharp move in the shares. Tuesday’s surge reflected expectations for a sweeter offer. Today, the rally signals a growing likelihood the board will greenlight the deal. Intertek had already surged 6.43% to £53.00 on Tuesday, bucking the FTSE 100’s slide. The stock has effectively shifted twice: first, bid rumors, and now, almost at a recommendation.
EQT’s latest bid comes in at £60 a share in cash, keeping the 2025 final dividend—up to 107.7p per share—on the table if shareholders sign off at the May 20 AGM. Reuters put the whole deal at about £9.4 billion ($12.72 billion), calling it a 40% premium over Intertek’s April 15 close, right before EQT’s first approach surfaced.
The spread says plenty: Intertek sat at 5,665p, putting shares some 5.9% under the £60 cash bid, and about 7.8% beneath the £61.08 figure factoring in the anticipated dividend. That’s not just noise. Those numbers point to lingering due diligence and paperwork hurdles—plus the unmistakable caveat: there’s still “no certainty” of a formal offer materializing.
Intertek has shelved the alternative plan that was backing up its standalone strategy. Back in April, the company kicked off a strategic review, assessing if Intertek Testing & Assurance and Intertek Energy & Infrastructure should split, either through a sale or demerger. Now, with EQT conducting due diligence, the board has put that review on hold.
Intertek didn’t stumble into this update. First-quarter revenue climbed 6.7% to £838.5 million. Stripping out acquisitions and currency shifts, like-for-like revenue increased 5.4% at constant currency. Chief Executive André Lacroix described it as “a strong start to the year in Q1 26,” highlighting momentum in Consumer Products and Corporate Assurance. Investegate
The bullish argument for keeping Intertek public boils down to pricing power, rising volumes, better margins, and a straightforward quality-assurance story. Testing, inspection and certification business tends to grow alongside regulation, closer supply-chain checks, energy transition projects and the push for safer products. SGS, Bureau Veritas, and UL Solutions all target this same space, so a hefty premium offer for Intertek hands investors a new benchmark across the sector, not just for this particular London listing.
The bullish pitch for this deal comes down to timing and certainty. EQT’s cash offer lands now, potentially more attractive to shareholders than waiting out a breakup, asset sale, or hoping for gradual margin gains. Lost Coast Collective, which holds roughly 1.2% of Intertek, pressed the board to end its resistance, arguing the bid delivers stronger risk-adjusted value. CEO Matthew Peltz closed his letter plainly: “It is time to make a deal.” Businessinsider
The bear case flips things around. Intertek’s board, for now, backs its solo plan, sticking to that line even as the strategic review raised hopes that value could be unlocked—if it had actually played out. No binding Rule 2.7 offer has surfaced yet; what’s on the table is only a last conditional pitch. If this falls through, investors are likely stuck reassessing the old strategy, and odds are, they’d mark it below the price set by today’s deal-driven spike.
Shareholder pressure is making itself felt. PrimeStone Capital, which said it holds roughly 0.5% of Intertek via advised funds, pushed the company to “engage constructively” with EQT and challenged the credibility of the split review after the board turned down the previous £58 offer. That push now appears to have played a key role in the board’s change of stance. Reuters
Right now, Intertek isn’t really moving on earnings, but on the gap between its market price and what’s on the table from the proposed deal. Traders are now watching for just one thing: Will EQT wrap up due diligence, hammer out the final terms, and come forward with a concrete offer by June 11?
