Intertek in 'advanced discussions' with EQT about £60 per share takeover

(Sharecast News) - Intertek confirmed on Thursday that it is in advanced discussions with Swedish private equity firm EQT about a potential £60 per share takeover. The inspection, product testing and certification group announced last month that it had received a takeover proposal from EQT that it would be minded to recommend. The final offer from EQT was up from £58 in cash. Once the final dividend of 107.7p per share is included, the total value is £61.077 per share.

Responding to press speculation on Thursday, Intertek said the parties are "finalising the remaining details" in relation to a potential deal, the financial terms of which are unchanged.

Under UK takeover rules, EQT has until 1700 BST on Thursday to announce a firm offer or walk away.

The statement from Intertek came after the Financial Times reported that the two had reached an agreement for EQT to buy Intertek for about £10.6bn. According to the FT, citing people familiar with the talks, Intertek's board plans to recommend a firm bid of £60 a share as soon as Thursday. The deal would give the company an equity valuation of £9.2bn, or about £10.6bn including debt.

At 0938 BST, Intertek shares were up 0.4% at 5,745p.

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