EQT raises bid for Intertek one last time in final takeover push

Published: 2026-05-13 02:43:36 ET EQT

Swedish private equity firm EQT has submitted a final takeover bid valuing Intertek at £9.4bn (approximately $12.7bn), following the rejection of three previous proposals by the British group. Should the deal proceed, it would mark the second largest UK acquisition ever completed by a private equity fund. Intertek said that it is currently reviewing this fourth improved offer, while its shares rose approximately 6% on the London Stock Exchange, though they remain below the proposed offer price.

Thomas Barnet

Published on 05/13/2026 at 02:43 am EDT

The new proposal offers £60 per share in cash, alongside a potential annual dividend of £1.1. EQT believes that this offer provides "certain and accelerated value" that exceeds Intertek's prospects as a standalone entity. Previous bids were made at £51.5, £54 and £58 per share, respectively. Until now, Intertek prefered a strategic review that could lead to a demerger of its energy and infrastructure businesses from its testing and certification services.However, shareholder pressure is mounting. Following PrimeStone Capital and Palliser Capital, the fund Lost Coast Collective, founded by Matthew Peltz, has also publicly called on Intertek to engage in discussions with EQT. Holding approximately 1.2% of the capital, the fund argues that the group's independence strategy is no longer credible in the eyes of the market. Under UK takeover rules, EQT must walk away for at least six months if this latest proposal is rejected. Several analysts now consider a board recommendation to accept the offer as the most likely outcome.