LONDON, June 20, 2026, 18:05 (BST)
- Intertek ended the session Friday at 5,805 pence, slipping 0.2% for the day. The stock is up roughly 2.6% from its June 12 close.
- EQT is offering £60 in cash along with a 107.7-pence final dividend to eligible holders, putting Intertek’s value near £10.9 billion with debt included.
- FTSE 100 slipped 1% this week. The deal is still waiting on shareholder, court and regulatory signoffs, with closing expected by late 2026 or early 2027.
Intertek Group closed June 19 at 5,805 pence, staying 195 pence under the £60 per share cash offer from EQT of Sweden. The stock edged down 0.17% on Friday, after it hit a 52-week high at 5,820 pence earlier in the day.
The spread is at 3.25% of the cash bid, about 3.4% gross upside from Friday’s close. That level shows investors think the deal will probably close, but aren’t all in. Intertek’s gains last week outpaced a FTSE 100 weighed down by geopolitical tensions and uncertainty around UK politics.
Intertek’s stated value of £61.077 a share counts in its 107.7-pence final dividend, which holders on May 29 are set to get when it pays out June 24. But since the shares now trade ex-dividend, buyers coming in now are looking at a £60 takeover price, not £61.077.
Chief Executive André Lacroix said the deal gives shareholders “cash certainty today”. EQT’s global head of services, Matthias Wittkowski, said the buyer plans to back Intertek with investment in innovation, digital tech and “targeted M&A”, referring to mergers and acquisitions.
Ben Slupecki, equity analyst at Morningstar, said he understands why EQT is making the move but called the price tag “expensive”. The bid values the target at about 12 times enterprise value to EBITA, by his estimate. That’s around where SGS and Bureau Veritas trade. EV/EBITA compares a company’s total value to its operating profit before amortisation. Morningstar
Intertek started the bid process with solid trading. First-quarter like-for-like revenue was up 5.4%, measured on a comparable business and stripping out currency moves. Management kept its outlook for mid-single-digit organic growth, better margins and strong free cash flow in 2026.
Intertek accepted a £60 offer on Thursday after turning down bids of £51.50, £54, and £58 since mid-April. Palliser Capital’s James Smith said the deal was “positive” for shareholders. PrimeStone Capital said it will back the agreement. Reuters
The 195-pence gap isn’t a sure thing. The scheme of arrangement still faces investor votes, court approval, plus foreign-investment and antitrust reviews. The companies aim to finish the deal in the fourth quarter of 2026 or the first quarter of 2027. Any holdup or failure could hit the shares hard, after trading at 3,770 pence before the bid on April 9.
The June 24 dividend lands next week, but only shareholders on record from May 29 get it. Investors are now waiting for the scheme document, expected within 28 days after the announcement. Shareholder meetings are set for by August 6. At the moment, Intertek moves more on the odds and timing of the £60 payout than on typical industrial fundamentals.
