Intertek Rejects Increased £10bn-£58bn Offers from EQT

Intertek Group, the FTSE 100 testing and certification firm, unanimously rejected a third takeover proposal from Swedish private equity firm EQT on May 8, 2026. The revised all-cash offer of £58 per share — representing a total enterprise value of approximately £8.9 billion — was dismissed by the board as "fundamentally undervaluing" the company, extending a series of rejections that began with EQT's initial £51.50/share approach and a subsequent £54/share bid.

Despite the board's resistance, shareholder pressure is mounting. PineStone Asset Management, a Montreal-based firm holding approximately a 4% stake as Intertek's third-largest shareholder, publicly urged the board to engage with EQT rather than dismiss the offer outright. Intertek shares rose roughly 3.7% on the news, trading near 4,810 pence, placing the company's market capitalization at approximately £7.4 billion — below the bid price — leaving the question of fair value unresolved between management and activist shareholders.

EQT faces a regulatory deadline of May 14, 2026 to either announce a firm intention to proceed or withdraw its approach entirely. The binary outcome — a potential hostile escalation or an abrupt exit — creates significant near-term volatility for the stock. Investors are weighing whether Intertek's standalone strategic value, potentially including a break-up of its Testing, Inspection, and Certification divisions, can match or exceed what EQT is offering.

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