Intertek Declines EQT's Enhanced $12.1 Billion Takeover Bid

Deep News05-08

Intertek Group has indicated it is exploring the potential sale or spin-off of its energy and infrastructure business division.

Intertek has formally rejected a revised acquisition proposal from Swedish private equity group EQT, valued at $12.1 billion, stating that the offer significantly undervalues the company. Concurrently, the group is advancing a strategic review, which includes considering the separation of its energy and infrastructure operations.

The global provider of testing, inspection, and certification services turned down the improved offer from EQT, presented on Tuesday, which consisted of a cash offer of £58 per share, valuing the entire enterprise at approximately £8.93 billion (equivalent to $12.1 billion).

This follows a previous increase last month, where EQT raised its initial offer from £51.50 per share to £54 per share.

On Friday, Intertek stated that its board unanimously and unequivocally decided to reject the proposal. The company believes the takeover bid substantially undervalues its intrinsic worth and is subject to numerous conditions, presenting significant execution risks.

The group is continuing its strategic review process, focusing on the potential sale or separation of the energy and infrastructure business from the core Intertek testing and certification entity.

Intertek has already prioritized the sale process for this business unit and reported receiving strong initial interest from several potential acquirers.

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