Intertek Group (LON: ITRK) has unanimously rejected a third takeover proposal from private equity firm EQT, with the testing and assurance giant’s board declaring the latest offer of £58.00 per share in cash a significant undervaluation of the business.
The £58.00-per-share bid, the highest in a series of unsolicited approaches from EQT X EUR SCSp and EQT X USD SCSp, follows two previous proposals of £51.50 and £54.00 per share, both of which were also rebuffed.
The board cited “significant execution risk” given the conditional nature of the offer, and reaffirmed its conviction that Intertek’s ongoing strategic review represents a more compelling path to shareholder value creation.
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Shares in Intertek fell 3.6% following the announcement, reflecting investor uncertainty over the company’s standalone prospects.
Central to Intertek’s defence is a strategic review, announced on 14 April, examining the potential separation of its Energy & Infrastructure division from its Testing & Assurance business.
The board believes the move could unlock substantial value, creating two distinct, high-quality global ATIC businesses. Intertek Testing & Assurance generated revenues of £1.84 billion in 2025 with an operating margin of 25.0%, while Energy & Infrastructure posted revenues of £1.59 billion at a 10.0% margin.
The board said it is prioritising a sale-led process and has already received “an encouraging level of interest” from potential buyers of Intertek Energy & Infrastructure, with the full review targeted for completion by mid-2027.
Under Takeover Code rules, EQT must now either announce a firm intention to bid or walk away by 5:00pm on 14 May 2026.
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