London, April 25, 2026, 22:05 BST
- Intertek has turned down EQT’s sweetened £54-a-share cash offer, maintaining that the bid continues to undervalue the FTSE 100 testing company. Investegate
- EQT faces a May 14 deadline to either submit a formal bid or step back, as set out by the UK Takeover Code. Investegate
- Intertek is weighing a breakup, considering whether to separate its testing-and-assurance division from the energy-and-infrastructure side. The bid fight is playing out against that backdrop. Intertek
Intertek Group plc has turned down a sweetened £8.3 billion bid from Sweden-based EQT AB, sticking to its view that the private equity firm’s £54-per-share cash offer doesn’t fairly value the London-listed testing and certification group. The board rejected this latest proposal “unanimously and unequivocally” on Friday, according to a regulatory filing, after receiving the revised approach on April 21. Investegate
The process moves forward, with EQT facing a 5 p.m. London deadline on May 14 to either confirm a formal offer or walk away—unless the UK Takeover Panel decides to grant more time. Investegate
Intertek is pitching its own value-boosting plan just as private equity suitor EQT returns with a sweeter offer. The latest bid comes after EQT’s previous £51.50 per share approach was turned down; Reuters figures the new offer pegs Intertek’s value at £8.3 billion, or $11.22 billion. Reuters
Intertek ended Friday in London down 0.7% at 4,810 pence, Alliance News reported, which puts EQT’s latest offer at roughly a 12% premium over that close. Shares had jumped up to 5.5% earlier in the week after news of the improved proposal came out. London South East
Intertek works in the ATIC space—assurance, testing, inspection and certification—handling checks to confirm that products, supply chains and industrial facilities comply with safety, quality and regulatory benchmarks. According to the company, it runs over 1,000 labs and offices across more than 100 countries. Investegate
The takeover offer arrived on the heels of Intertek’s announcement of a strategic review, as the company weighs splitting off its Testing & Assurance unit from Energy & Infrastructure—options on the table include a sale or a demerger. Intertek put next year’s revenue at roughly £1.9 billion for Testing & Assurance and £1.6 billion for Energy & Infrastructure. Intertek
Earlier this month, Chief Executive André Lacroix floated the idea that two specialist global ATIC businesses might be in a stronger position to “accelerate growth and deliver greater value for shareholders.” Intertek said it expects to wrap up the review and put changes in place by mid-2027. Intertek
The takeover chatter hasn’t pushed the core numbers out of view. Intertek reported a 5.4% increase in first-quarter like-for-like revenue at constant currency, keeping currency moves out of the calculation. Full-year guidance was maintained, with the company sticking to its outlook for mid-single-digit like-for-like revenue growth, more margin gains, and robust free cash flow. Intertek
The shareholder list is drawing fresh interest. Lost Coast Collective, led by Matt Peltz, has picked up a stake topping 1% in Intertek—valued north of £87 million—according to a public filing cited by Reuters. The fund told the Financial Times it supported the board’s move to turn down EQT’s first offer, calling the bid “way below intrinsic value.” Reuters
Analysts see the split review as a key piece of Intertek’s defence. Following the initial approach, Panmure Liberum’s Joe Brent noted, “other possible bidders may emerge, from trade and private equity,” and said the bid could have heightened pressure for the demerger plan. Reuters
The development has trained investor attention on the wider testing and certification space. Reuters noted that shares of France’s Bureau Veritas jumped up to 3.6% after news broke of EQT’s approach to Intertek, with market players considering the possibility of fresh interest in sector assets. Reuters
The risk here is pretty clear: the deal might not happen. Intertek’s filing spelled it out—there’s no guarantee of an offer, let alone what it might look like. After the rejection, EQT didn’t get back to Reuters’ request for comment. If EQT decides to drop out, investors are stuck with Intertek’s slower strategic review, along with all the usual challenges that come with breaking up a global business. Investegate
Intertek has Goldman Sachs International and J.P. Morgan Cazenove on its side. Eyes shift to May 14, the next key date. Investegate
