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Sweden's EQT lifts takeover proposal for Intertek
(Sharecast News) - Intertek said on Wednesday that Swedish private equity firm EQT has sweetened its takeover proposal for the inspection, product testing and certification group. Intertek announced last week that it had rejected a 5,150p per share takeover proposal from EQT. The unsolicited, indicative cash proposal was received on 10 April and rejected on 13 April. It said at the time that the proposal fundamentally undervalued the company and its future prospects.
However, EQT has now upped its proposal to 5,400p per share in cash.
"The board of Intertek is reviewing EQT's revised proposal with its advisers and a further announcement will be made in due course," it said. It added that there can be no certainty that any offer will be made nor as to the terms on which any offer might be made.
Under UK takeover rules, EQT has until 1700 BST on 14 May to either announce a firm intention to make an offer or walk away.
At 1538 BST, the shares were up 2.7% at 5,022p.
See latest RNS on Investegate
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