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FTSE 100 movers: Intertek surges on EQT proposal; Convatec goes ex-div
(Sharecast News) - London's FTSE 100 was up 0.3% at 10,588.66 in afternoon trade on Thursday. Intertek shot to the top of the index as it confirmed it has rejected a £51.50 per share takeover proposal from Swedish private equity firm EQT. In a brief statement, the inspection, product testing and certification firm said the unsolicited, indicative cash proposal was received on 10 April.
"The board of Intertek carefully reviewed EQT's proposal with its advisers and unanimously concluded that it fundamentally undervalues Intertek and its future prospects," it said. As a result, the proposal was rejected on 13 April.
EQT said it was "considering its options" following the rejected proposal. Under UK takeover rules, it has until 1700 BST on 14 May to either announce a firm intention to make an offer or walk away.
Entain was also a high riser after the Ladbrokes owner reaffirmed its full-year outlook following robust volume growth through the first quarter.
Tesco gained as it widened guidance for 2026/27 to reflect increased uncertainty caused by the US-Israel war on Iran but posted a better-than-expected rise in full-year adjusted operating profit and hailed its highest market share for over a decade.
Antofagasta and Convatec both fell as they traded without entitlement to the dividend.
FTSE 100 - Risers
Intertek Group (ITRK) 4,796.00p 10.41% Entain (ENT) 632.00p 8.62% Pearson (PSON) 1,077.50p 4.76% Halma (HLMA) 4,349.00p 4.13% Tesco (TSCO) 489.40p 3.78% The Sage Group (SGE) 897.80p 3.59% Metlen Energy & Metals (MTLN) 36.25p 3.51% Standard Life (SDLF) 750.20p 3.07% LondonMetric Property (LMP) 197.70p 3.02% Rightmove (RMV) 449.60p 3.00%
FTSE 100 - Fallers
Airtel Africa (AAF) 353.20p -2.33% Antofagasta (ANTO) 3,805.00p -2.17% Rolls-Royce Holdings (RR.) 1,264.20p -1.54% Vodafone Group (VOD) 114.85p -1.16% Convatec Group (CTEC) 238.00p -1.08% Babcock International Group (BAB) 1,250.50p -1.03% Unilever (ULVR) 4,224.00p -0.41% Rentokil Initial (RTO) 497.20p -0.38% Fresnillo (FRES) 3,577.00p -0.36% CRH (CDI) (CRH) 8,530.00p -0.35%
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