Intertek Likely to Recommend EQT's $12.7 Billion Offer to Shareholders

By Anthony O. Goriainoff

Intertek's board said it was likely to recommend to shareholders EQT's latest bid, which values the U.K. testing specialist at 9.4 billion pounds ($12.73 billion) including dividends, after rejecting three previous proposals.

Swedish private-equity group EQT on Tuesday said its latest takeover proposal for Intertek, the fourth it submitted, would be its final bid.

The testing specialist said Wednesday the decision followed significant engagement with its shareholders. Some investors in the U.K. company publicly called on it to engage with EQT.

In early trade, London-listed Intertek shares were up 7.7% at 5,710 pence.

Intertek said it would grant EQT access to confirmatory due diligence and pause work on a potential split of its energy-and-infrastructure business.

Under EQT's latest proposals, Intertek shareholders would get 60 pounds a share in cash and be entitled to keep a dividend of 107.7 pence a share. Intertek previously turned down proposals of 51.50 pounds, 54 pounds and 58 pounds a share.

Write to Anthony O. Goriainoff at [e-mail]

(END) Dow Jones Newswires

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