Intertek Set to Accept Higher £9.4bn Approach From Swedish Bidder
Intertek paused its strategic review after saying EQT’s £9.4 billion proposal could be recommended if a firm offer follows due diligence.
- London-Listed Intertek, a British firm, backed a takeover approach from Swedish suitor EQT worth £9.4 billion after the board evaluated the final proposal and engaged with shareholders.
- Intertek previously rebuffed three approaches from EQT, including a proposal worth £8.9 billion priced at £58 and £54 per share before this latest bid.
- Shares jumped 7% higher on Wednesday following the announcement, as Intertek said it would be "minded to recommend" the £60-a-share tilt to shareholders.
- Work on Intertek's strategic review of the Intertek Energy and Infrastructure division has paused, halting plans to complete restructuring by the middle of next year.
- Under City Takeover Panel rules, EQT has until June 11 to make a firm bid or walk away, with the proposal subject to confirmatory due diligence.
27 Articles
27 Articles
Lab testing group Intertek to back £10.6bn takeover by Swedish firm EQT
FTSE 100 business ‘minded to recommend’ £60-a-share tilt from company owned by billionaire Wallenberg family The laboratory testing company Intertek has become the latest FTSE 100 business to agree to a takeover, backing a £10.6bn approach from a private equity firm owned by Sweden’s billionaire Wallenberg family. After rebuffing three previous approaches, Intertek’s board said [...]
Intertek shares soar as firm poised for £10m private takeover
FTSE 100 giant Intertek is poised to accept a £10bn offer from a Swedish private equity firm after months of uncertainty, in what would be a huge blow to the London Stock Exchange. The testing and quality assurance firm said on Wednesday morning that it “would be minded” to recommend the latest offer from EQT – a Swedish buyout firm – to its shareholders, sending shares soaring by seven per cent. This £10.6bn offer is the fourth to be tabled by…
Deal Roundup: EQT makes 'final' £9.4bn Intertek offer, Audax completes 1,500th bolt-on deal
EQT has made a final offer of £9.4bn excluding debt for UK product testing and inspection business Intertek, following a trio of rejected bids for the business. The post Deal Roundup: EQT makes ‘final’ £9.4bn Intertek offer, Audax completes 1,500th bolt-on deal appeared first on AltAssets Private Equity News.
EQT raises Intertek bid to £9.4bn in final push for UK testing giant takeover
EQT has increased its offer for Intertek Group to £9.4bn ($12.8bn), including dividends, in what it described as a final attempt to secure agreement for a takeover of the UK-listed testing and inspection company, according tp a report by the Wall Street Journal. The Swedish private equity firm said its revised proposal values Intertek at £61.08 per share in total consideration, comprising £60 in cash plus an interim dividend of 107.7 pence per s…
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