EQT’s £10.6bn final bid for Intertek

EQT AB has submitted a final takeover proposal for Intertek Group Plc, valuing the UK-based testing and inspection company at about £10.6 billion. The cash offer is pitched at £106 per Intertek share, according to information from the parties involved.

The latest bid follows a series of approaches by EQT. Intertek’s board rejected three earlier proposals, arguing that those offers did not properly reflect the company’s value or long-term prospects.

This final proposal has moved the process into a more critical phase, with the stated valuation drawing close scrutiny from investors and market observers.

Despite the higher price, Intertek’s board has so far resisted EQT’s latest approach. Directors maintain that the £106 per share offer still undervalues the business, particularly in light of what they describe as strong long‑term growth potential.

Management has emphasised its belief in Intertek’s standalone strategy. On that basis, the board has declined to recommend the offer and has not entered into formal negotiations with EQT at this stage.

The stance sets up a clear divide between the board’s view of intrinsic value and the valuation implied by EQT’s proposed acquisition.

The new offer has attracted significant attention from institutional shareholders in Intertek. Several large investors are reported to be urging the board to open talks with EQT over the terms of the bid.

These shareholders point to the substantial premium of the £106 per share price over Intertek’s recent trading levels. For some investors, that premium makes the private equity proposal an attractive liquidity event.

The growing pressure from institutional holders increases the potential for tension between the board and parts of the shareholder base if the current rejection is maintained.

The process is taking place under UK takeover rules, which set clear deadlines for potential bidders. Under those rules, EQT must either announce a firm intention to make an offer or walk away after a specified period.

This timetable adds urgency to the discussions around the bid. If EQT decides not to proceed with a formal offer within the allowed window, it would be required to withdraw, at least for a defined period, under the takeover framework.

The combination of a declared “final” proposal, board resistance, and an approaching regulatory deadline leaves the outcome of EQT’s pursuit of Intertek still unresolved.