Intertek rejects GBP9 billion EQT approach as backs strategic review

(Alliance News) - Intertek Group PLC on Friday said it rejected the latest takeover approach from EQT Fund Management Sarl, believing it "significantly undervalues" its prospects.

The London-based assurance, inspection, product testing and certification affirmed that its strategic review announced last month, which will look into a sale or demerger of of Intertek Energy & Infrastructure, "presents a significant value creation opportunity".

EQT on Tuesday said it made a new proposal of 5,800 pence per Intertek share, which values the company as whole at around GBP8.93 billion.

Intertek shares were 4.0% lower at 4,844.00p each in London on Friday morning, for a GBP7.46 billion market capitalisation.

"The board of Intertek has carefully reviewed the further revised proposal with its advisers and unanimously concluded that it significantly undervalues Intertek and its future prospects and there is significant execution risk given its conditional nature. Accordingly, the Intertek board unanimously and unequivocally rejected the further revised proposal," Intertek said.

Intertek had also rejected prior EQT proposals of 5,400p and 5,150p per share.

Last month, it launched a strategic review and said it was considering selling or demerging its Intertek Energy & Infrastructure business. The strategic review will consider whether Energy & Infrastructure and Testing & Assurance "would be better positioned as separate businesses to unlock their full potential", Intertek explained.

The company said on Friday: "Since the announcement of the strategic review, the company has received an encouraging level of interest from potential buyers of Intertek Energy & Infrastructure."

By Eric Cunha, Alliance News news editor

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