London, April 24, 2026, 18:07 BST
Intertek Group plc is facing a live takeover clock, with the company saying it’s considering an updated £54-per-share cash bid from EQT funds—still non-binding—for the London-based testing and certification firm. The UK’s takeover code gives EQT until 5 p.m. on May 14 to either put forward a firm offer or walk away.
Governance is piling on, too. Intertek said Friday that PwC stepped down as auditor as of April 23, with Deloitte set for a shareholder vote to take over for the 2026 financial year. The annual general meeting is scheduled for May 20 in London.
Despite the new offer, investors were not convinced. Intertek shares ended Friday at 4,810p, slipping 0.7%. That’s still roughly 11% under EQT’s £54-a-share bid.
Reuters said Intertek’s equity is now valued at £8.3 billion under the new proposal. The Financial Times, in a report cited by Reuters, put the enterprise value, debt included, at £9.7 billion. Shares in Intertek jumped up to 5.5% on Wednesday after news of the sweetened bid broke.
Intertek disclosed that the new proposal comes after its board turned down a previous £51.50-per-share cash offer. The company told shareholders not to make any moves for now as it evaluates the latest approach with its advisers.
The contest has heated up with activist involvement. Matt Peltz, son of Nelson Peltz, has amassed a stake topping 1% in Intertek via his hedge fund Lost Coast Collective, Reuters reported Thursday. That holding is valued north of £87 million. Lost Coast, according to the Financial Times, called EQT’s initial offer “way below intrinsic value” and wouldn’t comment on the sweetened proposal, Reuters added. Reuters
Lost Coast reported holding 1.755 million shares of Intertek, amounting to 1.14% of the company’s outstanding securities as of April 17, and disclosed no short interest. Matthew Peltz was listed as the contact on the filing.
Intertek didn’t wait to float a split. Back on April 14, the company kicked off a strategic review, weighing a sale or spin-off of its Energy & Infrastructure arm from its Testing & Assurance business. ATIC—short for assurance, testing, inspection and certification—covers the checks companies run on products, assets and supply chains. Chief Executive André Lacroix talked up the benefits of separating the two “specialist businesses,” saying each could “unleash their full potential and create more value for all.” For the first quarter, Intertek posted a 5.4% increase in like-for-like revenue at constant currency.
Intertek’s board shot down EQT’s previous offer, arguing it “fundamentally undervalues” both the company and its outlook. Goldman Sachs International and J.P. Morgan Cazenove are on Intertek’s side as advisers. Investegate
Joe Brent at Panmure Liberum flagged the chance that “other possible bidders may emerge, from trade and private equity,” according to Reuters, after Intertek turned down the initial offer. Brent also tied the bid chatter to Intertek’s push to move ahead with its demerger plan. Reuters
No surprise Intertek has caught attention, given the sector moves. Just last week, Eurofins struck a deal to offload its MET Labs electrical and electronic testing arm to UL Solutions for €575 million. SGS and Bureau Veritas, meanwhile, walked away from $30 billion merger discussions in testing and inspection back in 2025.
Still, the path remains tight. EQT’s approach is both indicative and conditional—so, not binding yet. Everything hangs on final terms, necessary approvals, and backing from the board. Should EQT walk away, Intertek would be pitching its own break-up strategy, which management has said could stretch on until mid-2027.
Intertek’s juggling three key dates: EQT’s deadline lands on May 14, the AGM is set for May 20, and that strategic review stretches out to mid-2027. Investors are watching to see if the board can extract a bigger cash offer—or demonstrate that splitting Intertek’s two businesses unlocks greater value on their own.
