London, June 23, 2026, 16:14 BST
Shares of Intertek Group changed little, sitting at 5,800 pence as of 15:55 BST Tuesday. That keeps the price around 200p, or 3.4%, under EQT’s £60 per share cash bid. The FTSE All-Share edged up 0.02% late in the session.
The gap between a target’s market price and the cash on offer in a deal is the takeover spread. Tuesday saw new Form 8.3 disclosures, not updated bid terms. Under the UK Takeover Code, anyone with at least 1% in the target has to report their stakes and trades while an offer is ongoing.
ITRK headline number comes in at £61.077, but that folds in a 107.7p final dividend already gone ex-div May 28, with a May 29 record date and set for payout this Wednesday. Investors coming in now are basically buying for the £60 in cash, not for that dividend which is no longer on the table.
EQT is buying Intertek with a deal valuing the company’s equity at around £9.3 billion based on cash, or £9.5 billion including the dividend. The agreement came after months of negotiation and three failed offers. EQT lifted its bid to £60 a share in cash.
EQT is moving ahead with the deal using a scheme of arrangement, a court-led process that needs both shareholder voting and court sign-off. Shareholder meetings are set by Aug. 6. If regulators sign off, the buyout could wrap up in Q4 2026 or Q1 2027.
Morningstar analyst Ben Slupecki said the market was “undervaluing its assets” before EQT showed up, and said the deal made sense. Palliser Capital founder James Smith called the deal a “positive outcome for shareholders”. PrimeStone Capital said it would vote in favour. Reuters
Intertek CEO André Lacroix called the bid “cash certainty today”. EQT Private Equity’s Matthias Wittkowski, global head of services, said the group would put its efforts behind “innovation and targeted M&A”, with digitalisation and artificial intelligence as priorities. Investegate
Consolidation in assurance, testing, inspection, and certification is still in play after the sale. Swiss rival SGS and France’s Bureau Veritas had talks for a possible $30 billion tie-up in early 2025 but called it off.
The spread still signals risk. If the deal fails or stalls, Intertek’s bid premium could slip. The deal is priced 40% higher than Intertek’s April 15 close, right before the offer was made. That 40% is a reference for possible downside, not a prediction.
