Intertek backs EQT tilt after "significant" shareholder engagement

(Alliance News) - Intertek Group PLC on Wednesday backed the latest takeover tilt from suitor EQT Fund Management Sarl, after rebuffing three prior proposals.

EQT upped the ante again on Tuesday, making a takeover proposal which it said is the "final possible offer", and the one that finally won over the assurance, inspection, product testing and certification firm.

EQT's final proposal is worth GBP60 per share in cash, GBP61.077 including a final dividend. Together with the dividend, the tilt values Intertek at GBP9.40 billion.

Shares in the company shot up 7.6% to 5,705.00 pence each in London on Wednesday morning, giving it a GBP8.77 billion market capitalisation.

Intertek said it "remains highly confident" in its standalone strategy and value creation plan. However, it said the EQT offer would "deliver value in cash to Intertek shareholders". As a result, it would be "minded to recommend" it, should a firm offer materialise.

Intertek said its recommendation follows "significant engagement with its shareholders".

Activist investor Palliser Capital, which has built a stake in Intertek below 1%, had urged the London listing to engage with EQT.

"The latest proposal for Intertek from EQT represents an attractive opportunity for shareholders that compares favourably, on a risk-and-time-adjusted basis, to the outcomes achievable through the strategic review. We strongly urge the Intertek board to engage with EQT now to establish a constructive dialogue, allow any required due diligence to take place and secure a favourable transaction for shareholders," a statement from Palliser said.

Separately, Reuters reported PrimeStone Capital also urged Intertek to engage with EQT.

"The (Intertek) board's latest response does not, in our view, reflect the serious ​engagement that this approach merits," activist PrimeStone said, according to Reuters.

Reuters reported that PrimeStone Capital owns around 0.5% of Intertek.

Intertek said on Wednesday: "The final proposal is subject to a number of preconditions, including completion of confirmatory due diligence and agreement of definitive transaction documentation. The board of Intertek has agreed to provide EQT with access to confirmatory due diligence on a customary basis to facilitate the announcement of a firm intention to make an offer."

EQT had previously made takeover proposals worth GBP51.50, GBP54.00 and GBP58.00 per share.

By Eric Cunha, Alliance News news editor

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