Intertek Set to Accept Higher £9.4bn Approach From Swedish Bidder
Intertek paused its strategic review after saying EQT’s £9.4 billion proposal could be recommended if a firm offer follows due diligence.
- London-Listed Intertek, a British firm, backed a takeover approach from Swedish suitor EQT worth £9.4 billion after the board evaluated the final proposal and engaged with shareholders.
- Intertek previously rebuffed three approaches from EQT, including a £8.9 billion proposal priced at £58 and £54 per share, before accepting the higher £60-a-share offer.
- The board said it would be "minded to recommend" the £60-a-share offer to shareholders, and shares jumped 7% higher in morning trading on Wednesday following the announcement.
- Work on the strategic review of the Intertek Energy and Infrastructure division has paused, though the firm originally planned to complete changes by the middle of next year.
- Under City Takeover Panel rules, EQT has until 5pm on June 11 to make a firm bid or walk away, with the proposal remaining subject to confirmatory due diligence.
27 Articles
27 Articles
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EQT raises Intertek bid to £9.4bn in final push for UK testing giant takeover
EQT has increased its offer for Intertek Group to £9.4bn ($12.8bn), including dividends, in what it described as a final attempt to secure agreement for a takeover of the UK-listed testing and inspection company, according tp a report by the Wall Street Journal. The Swedish private equity firm said its revised proposal values Intertek at £61.08 per share in total consideration, comprising £60 in cash plus an interim dividend of 107.7 pence per s…
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