EQT raises the stakes with revised $12.3bn bid for Intertek

The revised proposal, pitched at around £54 per share, represents a roughly 5% uplift on the Swedish buyout firm’s initial offer of £51.50 per share in cash, which Intertek’s board rejected earlier this month.

Intertek confirmed its board is reviewing the revised proposal with its advisers. The company’s board had unanimously concluded that EQT’s first approach “fundamentally undervalues Intertek and its future prospects”, setting up what is shaping up to be a protracted pursuit.

Under UK takeover rules, EQT has until 14 May to either table a firm offer or walk away.

The renewed approach adds further pressure on Intertek, which last week announced a strategic review to explore a potential separation of its energy and infrastructure division. That disclosure came just two days before EQT publicly confirmed its takeover interest on 16 April.

The timing of EQT’s revised bid is notable. It coincided with a 13% share price drop at French rival Bureau Veritas, after the company cut its growth outlook for the year, highlighting the broader headwinds facing listed players in the testing and certification sector. Intertek itself had previously been in merger discussions with Bureau Veritas, talks that ultimately collapsed in late 2024.

Intertek’s shares have climbed roughly a third since EQT’s interest first emerged, recovering sharply from an 18% single-day fall in early March, when the company issued subdued forecasts for two of its key business lines.

EQT did not comment on the revised offer.

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