FTSE 100 constituent Intertek has rejected the latest bid for the testing company from Swedish private equity firm EQT, saying the £10bn, 5,800p-per-share offer “significantly undervalues” the group.
Friday’s rebuttal was the third consecutive knock-back, following previous cash offers at 5,150p and 5,400p.
The fresh offer is priced at around 54 per cent higher than Intertek’s closing stock level the day before the first offer was made on 9 April. EQT lodged its sweetened bid on Tuesday, with what it called “a view to securing prompt and constructive engagement” from Intertek’s board.
On Friday, Intertek said: “The Board of Intertek has carefully reviewed the further revised proposal with its advisers and unanimously concluded that it significantly undervalues Intertek and its future prospects and there is significant execution risk given its conditional nature.
“Accordingly, the Intertek Board unanimously and unequivocally rejected the further revised proposal on 8 May 2026.”
Intertek’s market value is currently around £7.8bn. The 140-year-old firm, based in London’s Cavendish Square, unveiled a strategic review in April. It is considering a sale or demerger of its Energy & Infrastructure division from its Testing & Assurance operations.
The board said that plan “would create two high-quality global … businesses with a strong historical operational and financial track record” and that it was “fully focused on maximising value for shareholders”.
Intertek helps companies ensure their products, processes, and systems meet safety, quality, and regulatory standards.
