LONDON, June 11, 2026, 10:09 BST
- Intertek jumped 2.65% to trade at 5,610p/5,615p in London. The shares are still under EQT’s £60-a-share cash bid.
- The UK Takeover Panel has pushed back EQT’s “put up or shut up” deadline to 5 p.m. London time on June 18.
- Intertek said the financial terms from EQT are the same as before, but there’s still no formal offer.
Intertek Group plc shares gained Thursday after the UK Takeover Panel granted Swedish private equity firm EQT an extra week to decide if it will follow through with its £60-a-share proposal. The FTSE 100 testing group’s stock is mostly moving on the difference between its current price and the possible EQT cash offer rather than on day-to-day earnings news.
Intertek shares traded at 5,610p on the sell side and 5,615p to buy at 09:42 BST, up 145p or 2.65%. The FTSE All-Share was up 0.5%, Fidelity market data showed. The stock stayed below the 6,000p cash offer, leaving a spread that investors usually see as a sign of deal risk.
Intertek said EQT’s due diligence had moved along over the last month, and work on final deal documents was underway. EQT now wants a bit more time to finish its due diligence and wrap up governance checks. The two sides agreed to push the deadline to 5 p.m. London time on June 18.
EQT hasn’t budged on the terms. The bid for Intertek stays at £60.00 per share in cash, Intertek said. The 107.7p final dividend for 2025 is still on the table too, with no cut in the cash offer. Board got the confirmation, according to the company.
Intertek has its 2025 final dividend on the books, set for payment June 24 with the ex-div date on May 29. That adds another variable for deal traders, but the spread on the takeover is still tied to the £60 cash offer.
“Put up or shut up” rules, known as PUSU in UK market filings, require a possible bidder to say it plans a firm offer or drop the bid. Intertek said the PUSU deadline can be extended again, but only if both Intertek and the Panel agree. TradingView
Panel extends deadline for EQT’s £9.4 billion Intertek bid, Reuters says
Reuters said on Thursday the Panel has given EQT more time to finalise its £9.4 billion (about $12.6 billion) bid for Intertek. The story ties the bid to a wider trend of private equity targeting UK-listed companies, where valuations often trade below similar assets elsewhere.
Intertek is now looking at a fourth offer from EQT in this takeover run. The company said in May that earlier bids at £51.50, £54.00 and £58.00 a share were all turned down by the board, before EQT brought its £60.00 cash proposal on May 11.
Intertek’s board hasn’t given a recommendation since there’s still no firm offer on the table. It said on May 13 it would likely recommend the £60-per-share proposal if EQT comes forward with a formal Rule 2.7 bid at those terms and if the full terms, conditions, and documents get agreed.
Takeover talks put a hold on another review started in April. Intertek had been looking at whether to split its Testing & Assurance unit from Energy & Infrastructure, either by selling or demerging the business, after posting 5.4% like-for-like revenue growth for Q1. Like-for-like revenue doesn’t include changes from buys or sales, and constant currency takes out FX moves.
The standalone case is still in play, since that’s what the market has if EQT pulls out. Intertek’s April update repeated full-year guidance: mid-single-digit like-for-like revenue growth at constant currency, more progress on margins, strong earnings growth, and strong free cash flow.
Uncertainty still hangs over the deal despite the extension. Intertek said in its statement the latest notice isn’t a firm offer, and there’s no guarantee EQT will actually make one, even if some or all preconditions get met or waived. Intertek also noted EQT keeps rights under the Takeover Code, including to put forward an offer on worse terms in some cases.
Intertek’s stock looks set to stick near levels that track the odds of a formal offer, not its own trading numbers for the quarter. The next key event is 5 p.m. London time on June 18, when EQT has to make a firm bid, pull out, or get more time to decide.
