London, June 18, 2026, 09:31 BST
- Intertek traded about 1% higher near 5,775 pence, while the FTSE 100 fell 0.7%.
- EQT’s reported £60-a-share deal values Intertek’s equity at about £9.4 billion and the company at roughly £10.6 billion including debt.
- A firm-offer announcement is due by 17:00 BST after Intertek granted EQT more time to finish due diligence and internal approvals.
Intertek Group shares rose in early London trading after Swedish private-equity firm EQT reached an agreement to acquire the testing and inspection company for £60 a share, a person familiar with the matter told Reuters. Intertek and EQT had not announced the firm offer when the market opened.
The stock’s bid price stood at 5,770 pence at 09:12 BST, up 1.05%. That left it almost 4% below the proposed cash price. The gap, known as the deal spread, reflects the remaining risk that the transaction is delayed, changed or does not close.
The timing matters. Under UK takeover rules, EQT must announce a firm intention to bid or say it will walk away by 17:00 BST on Thursday. The deadline was extended from June 11 after the buyer sought more time to complete confirmatory checks and governance work.
EQT’s £60 cash price is about 59% above Intertek’s £37.70 close on April 9, before the first approach. Intertek shareholders who qualified for the previously declared 107.7-pence final dividend can retain it without a reduction in the bid, lifting the total value to £61.077 a share and the premium to about 62%.
The £60 proposal was EQT’s fourth approach. Intertek rejected earlier offers of £51.50, £54 and £58, citing valuation and execution concerns, before saying its board was minded to recommend the final terms. The company then paused a strategic review that had considered selling or separating its Energy and Infrastructure operations.
Ben Slupecki, an equity analyst at Morningstar, said the transaction made sense for Intertek but added: “We find the acquisition price expensive.” He estimated that the proposal valued Intertek at roughly 12 times enterprise value to EBITA — a measure comparing the full value of a company with operating earnings before interest, tax and amortisation — broadly in line with rivals Bureau Veritas and SGS. Morningstar
Investor pressure helped shift the board’s position. Matthew Peltz, chief executive of shareholder Lost Coast Collective, wrote in May that “the market clearly does not believe in the team’s ability to execute” its standalone plan. Panmure Liberum analyst Joe Brent said at the time there was a “good chance” Intertek would accept the final approach. Reuters
Intertek reported 2025 revenue of £3.43 billion, up 4.3% at constant exchange rates, and adjusted operating profit of £620 million. It had forecast mid-single-digit comparable revenue growth, further margin improvement and stronger earnings for 2026 before the takeover process overtook the investment case.
But the stock still carries deal risk. A further extension or failure to publish a firm bid could widen the discount and send the shares back towards levels seen before EQT’s approaches. Morningstar has said the price should move closer to the offer as completion becomes more likely, but could reverse sharply if the transaction falls through.
