Intertek, the FTSE 100 testing and quality assurance giant, is poised to accept a £10bn offer from Swedish private equity firm EQT, in what would be a significant blow to the London Stock Exchange. The company announced on Wednesday morning that it “would be minded” to recommend the latest offer to its shareholders.
Fourth Bid Accepted
This £10.6bn offer is the fourth proposal from EQT in recent months, following a lengthy courting process that caused clashes among top investors. The new deal proposes £60 in cash per share, valuing Intertek at £10.6bn including debt. Previous offers of £51, £54, and £58 per share were rejected by the board, which said they “significantly” undervalued the company.
Due Diligence Underway
“The Board of Intertek has agreed to provide EQT with access to confirmatory due diligence on a customary basis to facilitate the announcement of a firm intention to make an offer,” the firm said in a statement. The acceptance marks a major victory for EQT after months of persistent bidding.
This is a breaking story and will be updated as more information becomes available.
