Lost Coast Collective Sends Letter to Intertek’s Board of Directors Urging It to Transact with EQT

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Current EQT Bid Represents Superior Risk-Adjusted Value to Shareholders DELRAY BEACH, Fla., May 12, 2026 (GLOBE NEWSWIRE) -- Lost Coast Collective LLC (“Lost Coast”), which beneficially owns approximately 1.2% of Intertek Group plc (LSE: ITRK) (“Intertek” or “the Company”), today sent a letter to the Intertek Board of Directors (the “Board”). The letter urges the Board to engage with EQT on the basis of EQT’s latest take-private proposal of £60 per share. Lost Coast believes the proposal represents a superior risk-adjusted value for shareholders compared to the Company’s plan, which involves significant execution risk. The full text of the letter sent to Intertek’s Board of Directors is copied below: 12 May 2026 The Board of DirectorsIntertek Group PLC33 Cavendish SquareLondonW1G 0PSLadies and Gentlemen: Lost Coast owns approximately 1.2% of the outstanding shares of Intertek, making us one of the largest active holders on the register. We commend the Board for rejecting EQT’s earlier and inadequate bids, and we appreciate that you have been working with management on strategic alternatives to a sale. That said, the time for resisting EQT and pursuing alternatives is over. With EQT’s latest indication of interest – effectively £61.08 per share if you include the expected dividend – we no longer believe that either the cold shoulder or the standalone strategy is prudent. While there is value in a break-up-and-fix-remainco plan, that plan carries material uncertainty and execution risk compared to a cash buyout from EQT. At EQT’s proposed price, the proposal represents superior risk-adjusted value to shareholders. It is time to make a deal. Intertek has been trading well below EQT’s proposed offer prices, reflecting both the Board’s continued refusal to engage with EQT and, importantly, the market’s view of Intertek’s standalone, risk-adjusted value. While the Board and management may have confidence in a partial sale and an operational fix, the market clearly does not believe in the team’s ability to execute. If it did, the stock would be much higher. The lack of confidence is understandable: over the last ten years under this leadership team, Intertek has failed to grow organically even at the rate of global GDP. As a consequence, in the eight years prior to EQT’s proposal, shareholders had lost money in absolute terms, despite a bull market. None of the ...

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