EQT Group Proposes 94 Billion Pound Takeover Bid for Intertek

Deep News05-13 15:23

On the 13th local time, the UK-based product testing and certification company Intertek issued a statement indicating that, after repeatedly rejecting earlier offers on grounds of undervaluation, the company is now inclined to accept a 94 billion pound (approximately $127.2 billion) acquisition proposal from Swedish private equity firm EQT Group.

According to the latest proposed acquisition plan, EQT Group will offer Intertek shareholders 60 pounds per share in cash, along with an annual dividend of 1.1 pounds. This offer represents a premium of approximately 40% over the closing price on April 15, the day before EQT Group first publicly expressed its acquisition intent.

Intertek noted that to facilitate EQT Group's confirmatory due diligence, it has currently suspended its internal strategic review. It is understood that this strategic review was previously aimed at exploring the feasibility of splitting the group into two independent entities.

Intertek also emphasized that there is no guarantee at this stage that the two parties will ultimately reach a substantive acquisition agreement. In accordance with relevant regulatory requirements, EQT Group must announce a firm formal acquisition intention or declare the abandonment of the acquisition plan by June 11.

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