Business
Response to revised proposal from EQT
Intertek Group plc has rejected a revised, unsolicited, and conditional takeover proposal from EQT of £58.00 per share in cash, deeming it to significantly undervalue the company and its future prospects. The Board is instead prioritizing its strategic review, announced on April 14, 2026, which evaluates the potential separation of Intertek Energy & Infrastructure from Intertek Testing & Assurance, aiming to unlock greater shareholder value. The company reported Intertek Testing & Assurance generated £1,844.4 million in revenue and £460.8 million in operating profit in 2025, while Intertek Energy & Infrastructure generated £1,587.2 million in revenue and £158.8 million in operating profit. Intertek expects the separation, ideally through a sale-led process, to be completed by mid-2027 with modest value leakage. Disclaimer*
About this update from Intertek Group Plc
[{"type":"text","content":"\n\nNOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION\nTHIS IS AN ANNOUNCEMENT FALLING UNDER RULE 2.4 OF THE CITY CODE ON TAKEOVERS AND MERGERS (THE \"CODE\") AND DOES NOT CONSTITUTE AN ANNOUNCEMENT OF A FIRM INTENTION TO MAKE AN OFFER UNDER RULE 2.7 OF THE CODE. THERE CAN BE NO CERTAINTY THAT AN OFFER WILL BE MADE, NOR AS TO THE TERMS ON WHICH ANY OFFER WILL BE MADE\nTHIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION\nFOR IMMEDIATE RELEASE\n8 May 2026\nIntertek Group plc (\"Intertek\")\nResponse to revised proposal from EQT\nFurther details on Intertek's Strategic Review\nOn 5 May 2026, the Board of Intertek made an announcement confirming that earlier that day, it had received a further unsolicited, indicative and conditional revised proposal from EQT X EUR SCSp and EQT X USD SCSp (collectively referred to as \"EQT\"), each represented by its manager (gérant) EQT Fund Management S.à r.l. to acquire the entire ordinary share capital of Intertek (the \"Further Revised Proposal\"). The Further Revised Proposal comprised £58.00 per share in cash. This followed the previous proposals made by EQT of £51.50 and £54.00 per share in cash, which were rejected by the Board of Intertek.\nThe Board of Intertek has carefully reviewed the Further Revised Proposal with its advisers and unanimously concluded that it significantly undervalues Intertek and its future prospects and there is significant execution risk given its conditional nature. Accordingly, the Intertek Board unanimously and unequivocally rejected the Further Revised Proposal on 8 May 2026.\nThe Board of Intertek is fully focused on maximising value for shareholders and has welcomed the feedback it has received from its shareholders. In deciding to reject the Further Revised Proposal, the Board of Intertek had regard to matters including the following:\n· the Board of Intertek continues to firmly believe that the strategic review announced on 14 April to evaluate the potential separation, either through a sale or demerger, of Intertek Energy & Infrastructure from Intertek Testing & Assurance (the \"Strategic Review\") presents a significant value creation opportunity for In...