Intertek Rejects EQT’s $12 Billion Takeover Bid—Now the Clock Is Ticking
Intertek Group rejected EQT’s £8.93 billion takeover bid, saying the £58-a-share cash offer undervalued the company and was too conditional. EQT must make a firm offer by 5 p.m. London time on May 14 or withdraw. Intertek shares closed down 2.7% at 4,910 pence, below EQT’s proposal. The company is pursuing a possible split of its Energy & Infrastructure unit instead.