Intertek rejects EQT's sweetened £8.9bn offer

(Sharecast News) - Intertek on Friday rejected private equity group EQT's sweetened £8.93bn offer saying it "significantly undervalues" the company, adding that it was still committed to a spinoff or demerger of its energy & infrastructure division.

The testing, inspection and certification services provider said the latest £58-a-share cash offer also carried major executional risk.

EQT last month proposed a bid of £54, up from a previous offer of £51.50.

Intertek said it was proceeding with a strategic review started last month that was examining a a sale or demerger of energy & infrastructure from its testing & assurance unit.

"The board believes a separation following the strategic review would create two high-quality global ATIC businesses with a strong historical operational and financial track record and compelling opportunities for further growth," it added.

Reporting by Frank Prenesti for Sharecast.com

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