LONDON, July 3, 2026, 21:03 BST
- Intertek Group plc LON:ITRK ended Friday at 5,815p/5,820p, edging up 0.09%. London trading had closed.
- The live spread compares to the £60 cash part of EQT AB’s STO:EQT bid; the 107.7p dividend from the £61.077 total was already paid June 24 to shareholders on the register May 29.
- FTSE 100 (INDEXFTSE:UKX) gained 0.2% to 10,679.03. Intertek ended behind the index, with the shares trading like a merger-arb name.
- With the buy price at 5,820p, the spread to £60 is 180p, around 3.1%, not counting costs, tax or completion risk.
Intertek Group plc LON:ITRK shares were flat on Friday. But attention has shifted to the details of the EQT offer, which is now driving the story more than the price action.
The stock traded at 5,815p on the offer and 5,820p on the bid after the London close, up 5p for the day, Hargreaves Lansdown data showed. The price stayed near its post-bid range, still under the agreed takeover payment.
The market isn’t using the £61.077 total from the June 18 offer anymore. That original figure broke down to £60 cash plus Intertek’s 107.7p final dividend. The dividend goes to shareholders on record as of May 29 and pays out June 24, so anyone buying shares in the market on Friday really just gets the £60 cash part.
| Intertek bid math | Pence per share | Gap from 5,820p ask |
|---|---|---|
| Friday’s listed buy price | 5,820.0 | — |
| Cash portion left to pay | 6,000.0 | 180.0p |
| Gross spread to the cash leg | — | 3.1% |
| Total headline value with dividend included | 6,107.7 | 287.7p |
| Gross spread versus headline value | — | 4.9% |
The investor view is key here. The headline spread is 4.9%, but new buyers see just a 3.1% cash spread. For anyone buying the stock now, it’s the narrower gap that counts.
| Assumed effective date | Days from July 3 | Gross return to £60 cash | Simple annualised return |
|---|---|---|---|
| Dec. 31, 2026 | 181 | 3.1% | 6.2% |
| March 31, 2027 | 271 | 3.1% | 4.2% |
The offer document puts the deadline for the court and general meetings at Aug. 6. Intertek expects the scheme to be effective in Q4 2026 or Q1 2027, depending on conditions. Shareholders have to back the scheme with at least a 75% value majority at the court meeting, and the court must approve it.
The timetable stops the spread from closing. The cash terms are called final, except in limited situations, like if a third party makes an offer. That limits the usual late bidding unless a new buyer comes in.
The shares trailed the London market, as the FTSE 100 finished up 0.2% at 10,679.03. Financial stocks and precious metals miners led gains for the index. Intertek edged up 0.09%, a move linked more to bid math than the day’s action in the sector.
| Friday comparison | Latest level | Day move |
|---|---|---|
| Intertek sell quote | 5,815p | +0.09% |
| Intertek buy quote | 5,820p | +0.09% |
| FTSE 100 finish | 10,679.03 | +0.2% |
Intertek landed among the bigger UK take-private deals this year. Reuters said June 18 the acquisition put an enterprise value of about £10.9 billion on Intertek, with a £61.08 per share cash-and-dividend offer pricing the equity at £9.5 billion. Morningstar’s Ben Slupecki said Intertek’s assets weren’t getting their due in the market before EQT made its move.
Intertek turned down three previous EQT offers at £51.50, £54 and £58 a share before agreeing to sell for £60 in cash plus the dividend. Shareholders like Palliser Capital, PrimeStone Capital and Lost Coast Collective had pushed the company to talk to EQT, according to Reuters. Palliser’s James Smith called the deal “a positive outcome for shareholders.” Reuters
Intertek CEO André Lacroix said the bid brings shareholders “cash certainty today”. Matthias Wittkowski of EQT said the firm will put money into Intertek, focusing on innovation and select M&A. Investegate
New takeover filings point to ongoing deal moves in Intertek. FMR LLC and FIL Limited reported a combined 5.27 million Intertek shares, or 3.42%, in a July 2 Form 8.3 after selling small amounts on July 1 at prices of £58.05, £58.07 and £58.08. Intertek is still on the Takeover Panel’s list of companies in offer period since April 16, with Isotope Bidco Limited as the named offeror.
