Intertek has turned down an improved takeover proposal from European private investment giant EQT AB, stating that the offer significantly undervalues the business and its long-term growth potential, according to a report by Reuters.
The revised proposal, submitted earlier this week, valued Intertek at approximately £8.3bn ($11.2bn), or £54 per share, representing an increase from EQT’s initial £51.50-per-share approach, which had also been rejected.
Intertek shares, which had risen following news of the higher bid, closed lower on Friday at £48.10.
The company is currently exploring strategic options to enhance shareholder value, including a potential separation of its operations into two standalone divisions focused on energy and infrastructure, and testing and assurance services. Management believes that creating two scaled, specialist ATIC businesses could support faster growth and improved returns.
EQT has until 14 May to confirm whether it intends to proceed with a formal offer. The firm has not publicly commented on the latest development.
