Intertek slumps after rejecting improved takeover proposal from EQT

(Sharecast News) - Intertek slumped on Monday after it rejected a revised takeover proposal from Swedish private equity firm EQT at 5,400p per share.

Intertek announced last Tuesday that EQT had sweetened its takeover proposal from 5,150p a share.

However, after the close of markets on Friday, the inspection, product testing and certification group said it had rejected the increased proposal.

"The board of Intertek has carefully reviewed the revised proposal with its advisers and unanimously concluded that it fundamentally undervalues Intertek and its future prospects," it said.

Under UK takeover rules, EQT has until 1700 BST on 14 May to either announce a firm intention to make an offer or walk away.

At 0808 BST, the shares were down 3% at 4,667p.

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Intertek Group