Intertek surges as EQT sweetens takeover proposal again

(Sharecast News) - Intertek surged on Tuesday after Swedish private equity firm EQT sweetened its takeover proposal for the inspection, product testing and certification group. EQT's latest offer of 5,800p was up from previous offers of 5,400p and 5,150p per share.

This represents a premium of 54% to the closing Intertek share price on 9 April, which was the day before EQT submitted its initial proposal.

"EQT believes this further increased proposal delivers certain and accelerated cash value for shareholders, superior to the range of outcomes associated with Intertek's standalone prospects," it said. "EQT is price disciplined and has submitted this significantly higher further increased proposal with a view to securing prompt and constructive engagement from the board of Intertek and progressing swiftly towards a transaction in the interests of all stakeholders."

It added that there can be no certainty that an offer will 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.

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