Intertek Rejects Sweetened $12.1 Billion Offer From EQT
By Adam Whittaker
Intertek rejected an improved $12.1 billion takeover proposal from Swedish buyout group EQT, saying that it undervalues the company and that it remains committed to a strategic review which could see it spin out Intertek Energy & Infrastructure.
The provider of testing, inspection and certification services rejected the revised bid made Tuesday of 58 pounds ($78.60) a share in cash that valued the company at 8.93 billion pounds ($12.10 billion).
Last month, EQT proposed a bid of 54 pounds a share, up from a previous offer of 51.50 pounds a share.
Intertek said Friday that the decision was made unanimously and unequivocally. The offer significantly undervalues the company and there is significant execution risk given its conditional nature, it said.
The company is continuing with a strategic review into selling or demerging its Energy & Infrastructure unit from Intertek Testing & Assurance, it said.
Intertek is currently prioritizing a sales process and said that it has received an encouraging level of interest from potential buyers.
Write to Adam Whittaker at adam.whittaker@wsj.com
(END) Dow Jones Newswires
May 08, 2026 03:01 ET (07:01 GMT)
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