Intertek has rejected a sweetened £58-a-share takeover approach from private equity giant EQT, insisting the bid – valuing the company at almost £9billion – “significantly undervalues” the business and its long-term prospects.
The London-listed testing and inspection group confirmed the latest proposal, worth approximately £8.93billion based on Intertek’s 153.93 million shares in issue, was unanimously turned down by the board due to concerns over both valuation and “significant execution risk”.
The revised proposal followed earlier rejected offers of £51.50 and £54 per share.
Instead, Intertek said it remains focused on a major strategic review which could see its Energy & Infrastructure arm separated from its Testing & Assurance division, either through a sale or demerger.
The company revealed it is prioritising a “sale-led process” and has already received “an encouraging level of interest from potential buyers of Intertek Energy & Infrastructure”.
Intertek has a longstanding presence in Aberdeen through its Exploration & Production operations in both Bridge of Don and Dyce, supporting the North Sea energy sector from facilities at Aberdeen Science and Energy Park and the Wellheads Industrial Centre.
Intertek argued the split would create “two high-quality global ATIC businesses” with stronger growth prospects, sharper capital allocation and faster decision-making.
The Energy & Infrastructure division – which includes Industry Services, Minerals, Building & Construction, Caleb Brett and Transportation Technologies – generated revenues of £1.59 billion in 2025 with operating profit of £158.8million.
Meanwhile, the larger Testing & Assurance arm posted revenues of £1.84billion and operating profit of £460.8million.
The board said both businesses had delivered “a strong historical track record of growth and returns” and would benefit from operating independently.
Intertek added that its decentralised business structure should help minimise the costs and disruption of any separation process, with the company currently expecting “no material increase” in the standalone cost bases of the two businesses.
The strategic review is targeting completion by mid-2027.
Under UK takeover rules, EQT now has until 14 May to either announce a firm intention to make an offer or walk away.
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