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2mo ago

Intertek Opens Door to £10.6 Billion EQT Takeover With Willingness to Recommend £60-a-Share Bid

Granting confirmatory due diligence signals a likely formal offer under UK takeover rules.

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Wind turbines at the Beidaqiiao Sixth Wind Farm project in Jiuquan, Gansu Province, China, on Thursday, Oct. 17, 2024. China's leading wind turbine makers have formed an alliance to stop a price war that's eroded profits and hampered equipment quality, according to a pact signed by twelve major suppliers on Wednesday. Photographer: Qilai Shen/Bloomberg via Getty Images
EQT has until June 11 to make a firm offer for Intertek or walk away

Overview

  • Intertek said Wednesday it would be minded to recommend EQT’s fourth proposal at £60 per share to its shareholders.
  • The board granted EQT access to confirmatory due diligence, a required step before a bidder can announce a firm intention to make an offer, with a June 11 deadline in place under Takeover Panel rules.
  • The latest approach values Intertek at about £10.6 billion including debt and follows earlier bids at £51, £54, and £58 that the board rejected as too low.
  • Investors are split, as activists Primestone, Palliser, and Matt Peltz’s Lost Coast urge a sale while major holders Evenlode and Marathon argue a planned energy and infrastructure spin-off could unlock more value.
  • Intertek shares rose about 7 percent in early trading after the update, and the company has paused work on its strategic review tied to the potential demerger.