News
EQT · Intertek · Rejection · Takeover
Intertek Group plc unanimously rejected an unsolicited, non-binding takeover proposal from EQT, which offered £51.50 per share for its entire share capital, stating definitively that the offer significantly undervalues the company and its future growth prospects.
Intertek's board, after a thorough review with its financial and legal advisors, formally rejected the indicative proposal on April 13, 2026. The initial offer was received from EQT on April 10, 2026.
The board's decision reflects a strong conviction that the £51.50 per share cash offer does not adequately capture Intertek's current market position, its robust business model, or its anticipated growth trajectory in the global testing, inspection, and certification (TIC) sector. This rejection initiates a critical period under U.K. takeover regulations, requiring EQT to either submit a firm offer or publicly withdraw its interest by May 14, 2026.
An extension to this deadline is possible only with regulatory approval. This development suggests Intertek's management believes a higher valuation is warranted, potentially setting the stage for EQT to sweeten its bid or for other interested parties to emerge, impacting the company's share price (ITRK.L) in the near term.
