Intertek rebuffs latest EQT bid, says "fundamentally undervalues" firm

(Alliance News) - Intertek Group PLC on Friday said it has "unanimously and unequivocally" rejected the latest bid proposal from EQT Fund Management Sarl.

The London-based assurance, inspection, product testing and certification company said the 5,400 pence per share proposal "fundamentally undervalues Intertek and its future prospects."

Shares in Intertek closed down 0.7% at 4,810p each in London on Friday for a market value of GBP7.40 billion.

On Wednesday, Intertek said it had received the latest tilt from EQT Fund Management, in its role as manager of the EQT X fund. It had previously rejected a 5,150p per share offer.

Under UK takeover rules, EQT has until May 14 to either announce a firm intention to make an offer or confirm that it does not intend to proceed.

By Jeremy Cutler, Alliance News reporter

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