Intertek Group plc (ITRK.L), a quality assurance solutions provider, on Friday said its Board has rejected a revised £58-per-share takeover proposal from EQT, stating the offer significantly undervalued the company and carried substantial execution risk due to its conditional nature.
This rejection follows earlier rejected bids of £51.50 and £54.00 per share from the same potential buyer.
Intertek said its board remains focused on a strategic review announced in April, which is evaluating a potential separation of its Intertek Energy & Infrastructure business from its Intertek Testing & Assurance unit through either a sale or demerger.
According to the company, the separation would create two independent ATIC businesses with improved strategic focus, sharper capital allocation and greater growth opportunities.
Intertek added that it is prioritising a sale-led process and has already received encouraging interest from potential buyers for the Energy & Infrastructure business.
For 2025, Intertek Testing & Assurance had generated revenue of £1.844 billion and operating profit of £460.8 million, while Intertek Energy & Infrastructure reported revenue of £1.587 billion and operating profit of £158.8 million.
The company expects the strategic review to be completed and implemented by mid-2027.
Under UK takeover rules, EQT must by May 14 either announce a firm intention to make an offer or confirm that it does not intend to proceed.
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