The board of Intertek, the London-listed testing and inspection company, said it had unanimously and unequivocally rejected the £7.9 billion proposal, which valued the company at £51.50 per share. The board stated that the offer 'fundamentally undervalues Intertek and its future prospects'.
Shares in Intertek rose 9% to 4755p after the rejection was announced. The stock has gained 24% since Tuesday, when Intertek revealed it was considering a break-up into two separate businesses: Intertek Energy & Infrastructure and Intertek Testing & Assurance. The split could be achieved via a spin-off or sale, sparking speculation that one or both divisions could be acquired.
EQT is the latest private equity firm to target a UK-listed company, following takeovers of Spectris and Hargreaves Lansdown last year. This year, aerospace and defence supplier Senior, investment house Schroders, and insurer Beazley are set to be acquired by foreign buyers. It remains unclear whether EQT will make a revised offer or walk away, and what the exact timeline for Intertek's potential split might be.