Business
Statement re final proposal from EQT
Intertek Group plc has received a final conditional proposal from EQT to acquire its entire ordinary share capital at £60.00 per share in cash, which includes the potential for shareholders to receive the FY25 final dividend of up to 107.7 pence per share. While Intertek's board remains confident in its standalone strategy, they consider the financial terms of this proposal to be recommendable should a firm offer be announced, subject to due diligence and definitive documentation. Consequently, Intertek has paused its strategic review, and the deadline for EQT to announce a firm intention to make an offer has been extended to 5:00 pm on June 11, 2026. 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\nTHIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION\nFOR IMMEDIATE RELEASE\n13 May 2026\nIntertek Group plc (\"Intertek\")\nStatement regarding final proposal from EQT and extension of PUSU deadline\nOn 11 May 2026, the Board of Intertek received a final* conditional 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 \"Final Proposal\") at £60.00 per share in cash (the \"Cash Consideration\"). This follows the previous EQT proposals of £51.50, £54.00 and £58.00 per share in cash, which were rejected by the Board of Intertek.\nUnder the terms of the Final Proposal, Intertek would be entitled to pay the final dividend of up to 107.7 pence per share for the 2025 financial year (announced by Intertek on 3 March 2026) (the \"FY25 Dividend\"), which Intertek shareholders would be entitled to receive and retain if approved at the Intertek Annual General Meeting on 20 May 2026 without any reduction to the Cash Consideration.\nThe Board of Intertek remains highly confident in Intertek's standalone strategy and the value creation opportunity outlined in the strategic review announced on 14 April 2026 (the \"Strategic Review\"). However, having carefully evaluated the Final Proposal, together with its advisers, and following significant engagement with its shareholders, the Board of Intertek considers that the financial terms of the Final Proposal deliver value in cash to Intertek shareholders at a level which it would be minded to recommend to Intertek shareholders should a firm intention to make an offer pursuant to Rule 2.7 of the Code be announced on these financial terms, and subject to satisfactory agreement of the full terms and conditions of any offer and definitive transaction documentati...