GBAF Logo
Britain's Intertek rejects EQT's $12-billion takeover bid
Finance

Britain's Intertek rejects EQT's $12-billion takeover bid

Published by Global Banking & Finance Review

Posted on May 8, 2026

1 min read

· Last updated: May 8, 2026

Add as preferred source on Google
Finance Banking Markets

Britain's Intertek rejects EQT's third takeover bid worth $12 billion

Intertek Rejects Enhanced Takeover Proposal from EQT

Details of the Latest Bid

May 8 (Reuters) - Britain's Intertek on Friday rejected a sweetened 8.93 billion pound ($12.12 billion) takeover proposal from Swedish private equity firm EQT AB, saying it undervalued the product testing company and carried high execution risk.

Previous Offers and Valuation Concerns

EQT submitted a revised bid of 58 pounds per share earlier this week after its previous two proposals were rejected for undervaluing the company. The previous bids were for 54 pounds per share and 51.50 pounds per share.

Context: Private Equity Takeovers in the UK

If EQT buys Intertek, this would be the UK’s second‑largest private equity takeover, trailing only KKR's 11.1-billion-pound acquisition of Boots in 2007, according to M&A data and intelligence platform Mergermarket.

Exchange Rate and Reporting Credits

($1 = 0.7368 pounds)

(Reporting by Yamini Kalia and Nithyashree R B in Bengaluru; Editing by Subhranshu Sahu)

Key Takeaways

  • Intertek’s board unanimously rejected EQT’s £51.50/share unsolicited bid, calling it fundamentally undervalued (~£7.9 bn equity, ~$10.8 bn)
  • EQT sweetened its offer to £54/share (~£8.3 bn equity, £9.7 bn including debt; ~$12.1–12.3 bn), but Intertek again refused it due to undervaluation
  • Under UK Takeover Code Rule 2.6(a), EQT must by May 14, 2026 either make a firm offer or walk away

Frequently Asked Questions

Who made the takeover bid for Intertek?
The takeover bid was made by Swedish private equity firm EQT AB.
How much was EQT’s bid for Intertek?
EQT’s sweetened bid for Intertek was valued at 8.93 billion pounds ($12.12 billion).
Why did Intertek reject EQT’s takeover proposal?
Intertek rejected the proposal, citing undervaluation and high execution risk.
What industry is Intertek involved in?
Intertek is a UK-based product testing company.

Tags

Related Articles

Image for Russia's internet crackdown hobbles small businesses

Russia's internet crackdown hobbles small businesses

Image for UK's Workspace rejects Saba Capital's wind-down plan, faces push for board changes

UK's Workspace rejects Saba Capital's wind-down plan, faces push for board changes

Image for No massive flight cancellations expected this summer in France, minister says

No massive flight cancellations expected this summer in France, minister says

Image for ECB's Lagarde is sceptical of euro stablecoins

ECB's Lagarde is sceptical of euro stablecoins

Image for UK says third British national has suspected hantavirus

UK says third British national has suspected hantavirus

Image for Sterling rises as local election results roll in; Middle East in focus

Sterling rises as local election results roll in; Middle East in focus

More from Finance

Explore more articles in the Finance category

Image for Autoliv to shut Turkey production, hitting 2,200 jobs
Autoliv to shut Turkey production, hitting 2,200 jobs
Image for UK borrowing costs hold close to three-decade high after Labour election blow
UK borrowing costs hold close to three-decade high after Labour election blow
Image for Digital Credit Frontiers: Lessons in Financial Inclusion from Eastern Europe to Africa
Digital Credit Frontiers: Lessons in Financial Inclusion from Eastern Europe to Africa
Image for Toyota expects $4.3 billion hit from Iran war fallout
Toyota expects $4.3 billion hit from Iran war fallout
Image for Crypto Licensing in 2026: Key Developments, Regulatory Evolution, and Business Implications
Crypto Licensing in 2026: Key Developments, Regulatory Evolution, and Business Implications
Image for KLM flight attendant tested negative for hantavirus infection, WHO says
KLM flight attendant tested negative for hantavirus infection, WHO says
Image for UK's Rightmove reaffirms 2026 guidance as AI-powered innovation drives growth
UK's Rightmove reaffirms 2026 guidance as AI-powered innovation drives growth
Image for Stellantis , China's Leapmotor plan to expand EV partnership, boost European production
Stellantis , China's Leapmotor plan to expand EV partnership, boost European production
Image for Plazo Credit Awarded as Best Alternative Credit Specialist Spain 2026
Plazo Credit Awarded as Best Alternative Credit Specialist Spain 2026
Image for Polish utility Enea's core profit slides 20% on weaker mining, retail trading
Polish utility Enea's core profit slides 20% on weaker mining, retail trading
Image for British Airways owner IAG warns of lower profit on soaring fuel prices
British Airways owner IAG warns of lower profit on soaring fuel prices
Image for UK house prices fall by 0.1% in April, Halifax says
UK house prices fall by 0.1% in April, Halifax says
View All Finance Posts