The Guardian | Lab testing group Intertek to back £10.6bn takeover by Swedish firm EQT by Julia Kollewe
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Intertek, the London‑based laboratory testing group listed on the LSE in 2002 and joining the FTSE 100 in 2009, has announced that its board is “minded to recommend” a £60‑a‑share offer from Swedish private‑equity firm EQT, valued at about £10.6 billion including debt (roughly £9.4 billion net). After rejecting three earlier bids of £58, £54 and £51 per share, the board said the proposal would be put to shareholders, noting that the company remains confident in its standalone strategy but faces investor pressure—particularly from activist fund Lost Coast Collective, owned by Matt Peltz, to accept the deal. EQT, founded in 1994 as a spin‑out of the Wallenberg family’s Investor AB, seeks to acquire Intertek, which has 45,000 employees, more than 1,000 labs worldwide, and revenues of roughly £3.5 billion across its product‑testing and energy‑infrastructure divisions. The offer is subject to due‑diligence and other pre‑conditions, after which a shareholder vote will determine the transaction.
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