EQT AB (NYSE:EQT) has submitted an improved third takeover proposal for Intertek Group plc (LSE:ITRK), increasing its bid to £58 per share and valuing the business at approximately £8.93 billion ($12.08 billion).
Market Reacts to Improved Bid
Intertek shares rose nearly 7% in London trading following the announcement. The revised offer represents a 54% premium to the company’s closing price of 3,770 pence on April 9, the day before EQT’s initial approach became public.
The new proposal surpasses EQT’s earlier £54-per-share bid, which was rejected last month. EQT stated that its latest offer delivers “certain and accelerated cash value” for shareholders and presents a more attractive outcome than Intertek continuing independently.
Deadline Looms Under Takeover Rules
Under UK takeover regulations, EQT must meet a “put up or shut up” deadline of 14 May, requiring it to either confirm a firm intention to proceed with an offer or withdraw its interest.
Strategic Review Adds Context
The approach comes as Intertek continues a strategic review announced last month, which includes evaluating a potential separation of its Energy & Infrastructure division. Options under consideration include a sale or demerger, which could result in two independent global businesses.
Leave a Reply