London, May 15, 2026, 12:09 BST
Intertek Group plc edged nearer to a takeover by Sweden’s EQT, with its board signaling it’s ready to back a final £60-a-share cash proposal. The board also agreed to open up its books for confirmatory due diligence, the final review before a buyer locks in a deal.
Intertek, listed on the FTSE 100, had batted away three prior bids from EQT, sticking with plans for a strategic review that might have carved up sections of the business. Now, the UK Takeover Panel has given EQT until 5 p.m. on June 11 to put up a binding offer—or step aside.
EQT has put forward an offer that puts Intertek’s equity at roughly £9.4 billion ($12.7 billion), allowing shareholders to pocket a final 2025 dividend of up to 107.7 pence per share—if that dividend clears a vote at the May 20 annual meeting. On top of that, EQT says the total payout could go as high as £61.077 a share, marking a premium as steep as 62% over Intertek’s closing price from April 9.
Intertek’s board still backs its standalone plan, but said this latest offer would provide enough cash value to win its recommendation—if EQT moves forward with a firm bid. With EQT now conducting due diligence, the company has put its strategic review on hold.
Investor pressure tipped the balance. Lost Coast Collective, led by Matthew Peltz and holding roughly 1.2% of Intertek, had taken aim at the board’s position. According to Reuters, PrimeStone Capital and Palliser Capital joined the push for talks.
Joe Brent at Panmure Liberum sees a “good chance” Intertek takes the new bid, citing short-term holders who might jump at a fast gain rather than risk the stock slipping to where it traded before the approach. Reuters
Ben Slupecki at Morningstar pointed out that as the bid kept climbing, management found it tougher to stand their ground. “As the offer continued to increase, the pressure ramped up,” he told Reuters. Reuters
A gap remains in the market. Intertek finished Thursday at £56.75, a 1.7% gain, still shy of the £60 cash offer. Trading volume surged past the 50-day average, according to MarketWatch. That discount suggests investors still see execution risk, not a done deal.
RBC Capital downgraded Intertek to Sector Perform from Outperform following the board shake-up. Analyst Karl Green pointed out that when the rating changed, the shares had 7% headroom to EQT’s latest offer and just 3% to RBC’s own target.
Intertek provides assurance, testing, inspection and certification services—essentially, the company checks that products, supply chains and operations comply with safety, quality and regulatory requirements. Among its listed rivals are SGS and Bureau Veritas, each bigger than Intertek. Those two considered a $30 billion merger last year, highlighting just how much consolidation pressure is building in the industry.
The deal remains unsigned. EQT still hasn’t put forward a firm offer; the proposal hinges on due diligence and final paperwork. Intertek’s own statement cautioned there’s no guarantee any offer will actually materialize. Things could shift—anything from due diligence hiccups, tighter financing, or a competing bid could alter the schedule.
June 11 stands as the firm deadline. Should EQT hold off past that point without locking in an extension, the bidding could grind to a halt—leaving Intertek to dust off the strategic review it only just paused.
