EQT has increased its offer for Intertek Group to £9.4bn ($12.8bn), including dividends, in what it described as a final attempt to secure agreement for a takeover of the UK-listed testing and inspection company, according tp a report by the Wall Street Journal.
The Swedish private equity firm said its revised proposal values Intertek at £61.08 per share in total consideration, comprising £60 in cash plus an interim dividend of 107.7 pence per share. This marks an increase from its earlier £8.93bn bid, which had been rejected by Intertek’s board on the basis that it undervalued the business.
EQT stated that the updated offer represents its last proposal and is intended to accelerate discussions towards a recommended transaction. The firm has made multiple approaches in recent weeks, all of which were previously turned down by Intertek’s board.
According to EQT, the revised bid provides shareholders with “certain and accelerated cash value” at what it considers a full valuation, arguing that it offers a superior outcome compared with the company’s standalone growth prospects.
Intertek, which operates globally in quality assurance, testing, and certification services, has been a long-standing target amid increased private equity interest in industrial and services businesses with stable cash flows and defensive earnings profiles.
The approach comes as private equity groups continue to pursue large-cap listed companies in the UK, where valuation gaps and weaker equity performance have made delisting opportunities more attractive.
EQT is seeking to move the process forward quickly and convert its latest offer into a formal recommended transaction, though the outcome will depend on Intertek’s board response and shareholder support.
