Swedish private equity firm EQT has launched a new £8.9 billion bid to acquire UK laboratory testing company Intertek, marking its third attempt to secure a takeover deal. Shares in the FTSE 100 firm rose in early trading on Tuesday following the announcement.
Revised Offer Details
EQT's latest proposal values Intertek at 5,800p per share, up from previous offers of 5,400p and 5,150p per share. The earlier bids were rejected by Intertek last month, with the company stating they "fundamentally undervalue Intertek and its future prospects."
Strategic Context
The London-based firm recently launched a strategic review that includes considering a potential break-up of the business into two separate divisions. In a statement, EQT said: "EQT believes this further increased proposal delivers certain and accelerated cash value for shareholders, superior to the range of outcomes associated with Intertek’s standalone prospects."
EQT emphasized its disciplined approach to pricing, adding that it has submitted the significantly higher proposal with a view to securing prompt and constructive engagement from Intertek's board. The suitor cautioned, however, that there is no certainty a formal takeover offer will be made.
