LONDON, June 30, 2026, 18:03 BST
- Intertek last quoted at 5,805p/5,810p, up 0.09% following the London close. The FTSE 100 added 0.12%.
- The cash left for a new buyer comes to £60 per share, not the £61.077 headline figure, after factoring in the FY25 dividend of 107.7p paid on June 24.
- Gross spread over the cash bid sits near 3.3% at the 5,810p buy quote, before factoring in costs and deal risk.
- Funds and banks traded Rule 8 around £58.00 to £58.10 on June 30, filings show.
Intertek Group plc (LON:ITRK) traded as a deal-spread name on Tuesday, with shares holding a minor gap to EQT AB’s STO:EQT agreed cash bid after the final dividend detached. The market saw little focus on earnings here.
Shares were shown at 5,805p to sell and 5,810p to buy on Hargreaves Lansdown, with the shares flagged as “Bid situation.” The FTSE 100 added 12.90 points, up 0.12% at 10,497.12 at 16:35 BST. HL
The £61.077 headline doesn’t tell the whole story. Intertek’s June 18 terms set out £60 cash per share and let shareholders hold onto the 107.7p FY25 final dividend. Intertek’s own timetable put the dividend payment on June 24, with shares going ex-div on May 29.
| Deal item | Pence per share | Investor read-through |
|---|---|---|
| Current buy quote | 5,810.0 | What someone pays to buy shares right now |
| Remaining EQT cash consideration | 6,000.0 | Cash still outstanding if the transaction completes |
| Gross spread | 190.0 | 3.27% excluding costs and risk |
| FY25 final dividend | 107.7 | Payout already credited for shareholders on the record date |
| Total value for eligible holders | 6,107.7 | Combined cash and dividend for those who qualify |
If the scheme is in place by Dec. 31, the 190p spread gives about 6.6% annualised. If payment is delayed to March 31, 2027, the number drops to about 4.4%. Intertek said it expects to hold the court and general meetings by Aug. 6. The group said the scheme should take effect either in the fourth quarter of 2026 or the first of 2027.
The timing is key, since the deal hasn’t closed. It still needs a court meeting nod from a majority in number and holders of at least 75% by value of shares voted, plus 75% support for a special resolution at the general meeting. Intertek’s directors have given irrevocable undertakings on 642,951 shares, which is roughly 0.42% of the current ordinary share capital.
The most recent trade happened near £58, showing the market is still focused on time and approval risks instead of going after the full £60 in cash.
| June 30 disclosure | Position or dealing date | Main disclosed data | Price area |
|---|---|---|---|
| UBS Asset Management | June 29 | UBS held 1,975,812 shares, or 1.28% of the company after selling 10,000 shares | £58.00 |
| Barclays Capital Securities | June 29 | Barclays reported 4,881,580 shares long (3.17%), 4,320,686 shares short (2.81%), bought 214,189 and sold 71,476 shares | £58.00-£58.10 |
| J.P. Morgan Securities Plc | June 29 | J.P. Morgan bought 145,193 shares, sold 1,670,968 shares the same day | £58.00-£58.10 |
| Goldman Sachs International | June 29 | Goldman had 5,214 shares long, 3,490 short, picked up 2,156 shares | £58.00 |
The filings don’t show a new offer. They suggest the market is pricing in tight spreads after the dividend and before shareholder votes. Barclays’ filing links it with Isotope Bidco Limited on the offer side. J.P. Morgan’s filing calls itself Intertek’s corporate broker.
If the deal falls through, Intertek’s own outlook stays relevant. The company posted first-quarter revenue of £838.5 million in April, a 6.7% increase. Like-for-like growth was 5.4%. Corporate Assurance was up 10.8% like-for-like, while World of Energy held flat.
The £60 a share cash offer values Intertek at about 22.6 times the consensus FY26 diluted EPS estimate of 265.5p, based on April numbers. On a 5,810p price, the market multiple stands near 21.9 times the same earnings figure. According to Intertek’s own consensus, FY26 revenue is seen at £3.595 billion with operating profit at £657 million.
Morningstar analyst Ben Slupecki told Reuters Intertek had been undervalued by the market before EQT made its approach, so the deal made sense. Intertek CEO André Lacroix called the offer “cash certainty today,” and Matthias Wittkowski at EQT Private Equity said they were “delighted to have reached an agreement.” Reuters
Intertek is set to report its half-year results on July 31, according to the company’s published calendar.
