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Intertek shares soared this morning after Swedish private equity firm EQT increased its takeover bid for the FTSE 100 laboratory testing company.
In an update this morning, EQT said it had raised its offer to £58 in cash per share from £54, its third takeover proposal for Intertek.
Shares jumped 8 per cent to £51.90 this morning, reaching their highest level in over a year.
EQT first tabled a bid for the product testing firm on 9 April, offering £51.50 in cash per share, which Intertek rejected.
It came just a week after the firm said it was considering a separation of its Energy & Infrastructure and Testing & Assurance divisions.
Swedish private equity firm EQT has tabled a third, increase takeover bid for Intertek
EQT raised its bid in a second proposal submitted to Intertek on 21 April at £54 per share, which Intertek concluded ‘fundamentally undervalues’ the company and its future prospects.
EQT said its latest proposal ‘delivers certain and accelerated cash value for shareholders, superior to the range of outcomes associated with Intertek’s standalone prospects.’
Intertek said it would review EQT’s revised proposal and make an announcement ‘in due course’.
‘There can be no certainty that any offer will be made nor as to the terms on which any offer might be made,’ it said. ‘Accordingly, Intertek shareholders are advised to take no action at this time.’
EQT is the latest private equity giant to target a UK-listed company, following last year’s takeovers of Spectris and Hargreaves Lansdown.
This year, aerospace and defence supplier Senior, investment giant Schroders and Lloyd’s of London insurer Beazley are set to fall into foreign ownership.
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