London, May 8, 2026, 20:04 BST
Intertek Group plc has turned away EQT’s latest buyout bid, the third so far, declining a £58-a-share cash offer that put the British testing and inspection firm’s value near £8.93 billion ($12.12 billion). Management at the FTSE 100-listed business argued the proposal not only undervalued Intertek but also brought execution risk, pointing out the terms were still conditional.
This comes to a head now as the disagreement shifts out into the open, with the UK’s strict takeover clock ticking down. EQT has until 5 p.m. London time on May 14 to make a binding bid or step aside, thanks to the UK Takeover Code’s so-called “put up or shut up” provision, which compels a bidder to show its cards. Investegate
Intertek wants shareholders to hold off and see its own breakup proposal first. Management is weighing a potential sale or demerger of Intertek Energy & Infrastructure from Intertek Testing & Assurance, saying separate ATIC—assurance, testing, inspection and certification—companies might unlock greater value.
Investors pushed Intertek shares down 2.7% to 4,910 pence in London, leaving them under EQT’s £58-per-share cash offer and still short of the £59.077 potential payout EQT says would be possible with Intertek’s 2025 final dividend in play. The board didn’t get an easy ride.
EQT called its latest bid an improvement over two previous offers—£51.50 and £54.00 per share—that Intertek had turned down. Factoring in a proposed final dividend of up to 107.7 pence, the revised bid would mean as much as a 57% premium to Intertek’s April 9 closing price, and as much as 59% to the company’s one-month volume-weighted average price, which accounts for trading volume.
Intertek’s board looked over the proposal with its advisers and shot it down, calling the rejection “unanimous and unequivocal.” The company said it’s sticking with a sale-focused review and noted an “encouraging level of interest” so far from potential buyers eyeing the Energy & Infrastructure unit. Investegate
It all comes down to profits. Testing & Assurance pulled in £1.84 billion in revenue and £460.8 million operating profit in 2025, posting a 25% margin, according to Intertek. Energy & Infrastructure, by contrast, recorded £1.59 billion in revenue with operating profit at £158.8 million—a slimmer 10% margin.
Last month, Chief Executive André Lacroix described the review as a move to build “two specialist, independent, market-leading, global ATIC businesses.” Intertek posted first-quarter revenue of £838.5 million—a 6.7% rise at constant currency. Like-for-like revenue, reflecting underlying sales, climbed 5.4%. Investegate
EQT pushed back, voicing disappointment over what it called the board’s “lack of engagement.” The Swedish buyout group insisted its offer gave shareholders “certain and accelerated cash value,” a clear contrast to what it sees as the uncertainty in Intertek’s standalone path. Investegate
The issue isn’t settled yet for all investors. According to Bloomberg, PineStone Asset Management—holding close to 4% of Intertek and listed as the company’s third-largest shareholder—has sent a letter to the board pressing for engagement with EQT.
Analysts are drawing a line between valuation and timing. Joe Brent at Panmure Liberum called the gap between Intertek’s stock and the bid price surprising. “A further bid from EQT or others is possible,” he said. Over at Jefferies, analysts figure the board would want to see a sweetened offer—anywhere from 5% to 10% above the most recent proposal—before coming onboard. Reuters
The sector’s dynamics are a big part of the story here. Last year, SGS and Bureau Veritas—both bigger players in testing and certification—looked into a tie-up that, according to Reuters, could have resulted in a company valued north of $30 billion, putting it well ahead of competitors like Intertek and Eurofins. SGS later confirmed discussions had ended with no deal.
Still, Intertek investors face real uncertainty. EQT could walk away. Other suitors for Energy & Infrastructure might balk at the board’s target valuation, and the process isn’t slated to wrap up until sometime in 2027. Brent flagged another risk: a break-up might drag Intertek’s share price down to £44 or lower.
Focus shifts to two key dates: May 14, when EQT faces a make-or-break decision, and May 20, the day Intertek holds its annual meeting. That’s when investors are set to vote on the final dividend—an element EQT has baked into its offer.
