Intertek Group announced that it had rejected an unsolicited takeover approach from the Swedish buy‑out group EQT. The proposal, received on April 10, 2026, offered £51.50 in cash per share, valuing Intertek at roughly £7.93 billion ($10.74 billion). The board reviewed the bid and, on April 13, voted unanimously to reject it, with the public announcement made on April 16.
Intertek’s board said the offer "fundamentally undervalues Intertek and its future prospects." The company highlighted its recent performance—Q1 2026 revenue grew 6.7% year‑over‑year, with a 5.4% like‑for‑like increase—and a 2025 adjusted operating margin of 18.1%, up 240 basis points from the prior year. These figures underpin the board’s confidence that the market price reflects a higher intrinsic value than the bid suggests.
EQT, for its part, stated it was "considering its options" and that "there can be no certainty that an offer will be made nor as to the terms on which any offer might be made." Under UK takeover rules, EQT has until May 14, 2026 to either submit a firm offer or withdraw, giving the company time to reassess the valuation and potential strategic fit.
The rejection comes amid EQT’s broader strategy to expand its portfolio through acquisitions across sectors such as healthcare, technology, and logistics. Intertek, meanwhile, is conducting a strategic review that could split the business into an Energy & Infrastructure arm and a Testing & Assurance arm, a move that may enhance its valuation and attractiveness to future bidders.
The market has responded positively to the announcement, with investors expressing confidence in a potential revised offer or the emergence of alternative bidders. The reaction reflects the perception that Intertek’s intrinsic value exceeds the current bid and that the company’s growth prospects remain strong.
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