Finance
UK's Intertek Rejects EQT's Sweetened Offer
Published by Global Banking & Finance Review®
Posted on April 24, 2026
2 min readLast updated: April 24, 2026
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Intertek has rejected Swedish private equity group EQT’s improved £54‑per‑share takeover offer, stating it undervalued the company and its future potential, with the formal decision expected by May 14, 2026 under UK takeover rules.
UK's Intertek rejects $11.2 billion buyout bid from EQT
Intertek's Response to EQT's Takeover Bid
Details of the Rejected Offer
April 24 (Reuters) - British product testing firm Intertek rejected a revised takeover bid of 54 pounds per share from Swedish private equity group EQT AB on Friday, saying the proposal fundamentally undervalued the company and its prospects.
Valuation and Market Reaction
EQT submitted a sweetened bid on Wednesday that valued Intertek at 8.3 billion pounds ($11.22 billion) after its initial 51.50-pound-a-share bid was rejected.
Shares of Intertek, which rose as much as 5.5% after EQT's sweetened bid on Wednesday, edged down on Friday, closing at 48.10 pounds.
Stakeholder Responses
EQT's Position
EQT did not immediately respond to Reuters request for comment.
Intertek's Strategic Considerations
Earlier in April, the London-listed company said it was considering splitting into separate energy/infrastructure and testing/assurance businesses in efforts to boost growth.
CEO's Statement
"We believe that two specialist scale global ATIC (assurance, testing, inspection, and certification) businesses could be best positioned to accelerate growth and deliver greater value for shareholders," Intertek CEO André Lacroix had said.
Next Steps and Timeline
EQT has until May 14 to announce a firm intention to make an offer for Intertek.
Additional Information
($1 = 0.7399 pounds)
(Reporting by Aatrayee Chatterjee ans Sri Hari N S in Bengaluru; Editing by Shailesh Kuber and Vijay Kishore)
Key Takeaways
- •Intertek’s board unanimously rejected the revised £54‑per‑share proposal as fundamentally undervaluing the company’s prospects, following a prior rejected offer of £51.50 per share (uk.marketscreener.com)
- •EQT must by May 14, 2026 either announce a firm offer or walk away under UK Takeover Code Rule 2.6(a), a deadline that can be extended with regulator consent (investing.com)
- •The revised bid valued Intertek at about £8.3 billion (~$11.2 billion), and comes as Intertek reviews strategic options including a possible demerger, seen by analysts as a defensive move (lse.co.uk)
References
Frequently Asked Questions about UK's Intertek rejects EQT's sweetened offer
1Who made the revised takeover bid for Intertek?
Swedish private equity group EQT AB made the revised takeover bid for Intertek.
2What was the value of EQT's revised offer for Intertek?
The revised takeover offer from EQT was £54 per share.
3Why did Intertek reject EQT's revised bid?
Intertek rejected EQT’s revised bid, stating that it fundamentally undervalued the company and its future prospects.
4When did Intertek announce the rejection of EQT’s offer?
Intertek announced the rejection on Friday, April 24.
