EQT raises Intertek bid to £58/share in £8.9bn offer

Swedish private equity firm EQT has submitted its third takeover proposal for FTSE 100 laboratory testing company Intertek, raising the offer to £58 per share in a bid valued at approximately £8.9 billion. The announcement on Tuesday sent Intertek shares surging more than 8 percent in early trading, reaching around 52 pence per share, their highest level in over a year.

The latest proposal marks an increase from EQT's previous offers of £54 per share on April 21 and £51.50 per share on April 9, both of which Intertek rejected. The company stated that the earlier bids fundamentally undervalued Intertek and its future prospects. EQT described the new offer as delivering "certain and accelerated cash value for shareholders, superior to the range of outcomes associated with Intertek's standalone prospects." The firm added that it is "price disciplined" and hopes to secure "prompt and constructive engagement" from Intertek's board to advance toward a transaction benefiting all stakeholders.

Intertek confirmed it would review the revised proposal and provide an update in due course. The company cautioned that there is no certainty any formal offer will be made or on what terms,...