UPDATE: Intertek confirms rejected "undervalued" proposal by EQT

(Alliance News) - Intertek Group PLC on Thursday confirmed that it rejected an indicative cash proposal.

The London-based assurance, inspection, product testing and certification company said the indicative proposal comprised GBP51.50 per share in cash.

Intertek shares rose 12% to 4,900.00 pence each on Thursday afternoon in London.

The indicative proposal came from EQT Fund Management Sarl, in its role as manager of the EQT X fund, which has until May 14 to announce a firm intention to make an offer for Intertek, or to announce that it does not intend to make an offer.

Intertek said: "The board of Intertek carefully reviewed EQT's proposal with its advisers and unanimously concluded that it fundamentally undervalues Intertek and its future prospects."

By Christopher Ward, Alliance News reporter; updated by Tom Budszus, Alliance News slot editor

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