Intertek Group plc·Industrials

Shares in Intertek Group PLC (LSE:ITRK), the FTSE 100 quality assurance and testing group, rose 7.3% to 5,687p after the board said it would be minded to recommend a deal valuing the business at £10.6 billion. The £60 a share proposal, received on Monday, is EQT's fourth and final approach and follows rejected bids of £51.50, £54.00 and £58.00 per share.

Britain's Intertek is likely to agree to a 9.4-billion-pound ($12.72-billion) takeover bid by Swedish private equity firm EQT , the company said on Wednesday, after repeatedly rejecting earlier proposals on valuation grounds.

Shares in Intertek Group PLC (LSE:ITRK), the FTSE 100 testing and certification company, rose 5% to 5,227 pence in early trading after EQT, the Swedish private equity group, submitted what it described as a final and improved indicative proposal worth up to £9.4 billion. EQT is offering £60 per share in cash, up from a third increased bid of £58 per share submitted on 5 May, which Intertek's board rejected three days later.

The Swedish buyout group sweetened its takeover bid for the U.K. testing specialist to $12.79 billion, including dividends, saying this was its final proposal.

Sweden's EQT AB tabled a sweetened 9.4 billion pound ($12.74 billion) proposal for Britain's Intertek on Tuesday, after three of its earlier bids were turned down on concerns they undervalued the product testing firm.

Activist investor PrimeStone Capital on Monday urged Intertek's board to "engage constructively" with EQT , after the British company rejected a sweetened takeover proposal from the Swedish private equity firm.
Intertek Group plc provides quality assurance solutions to various industries in the United Kingdom, the United States, and internationally. It operates in three segments: Products, Trade, and Resources. The Products segment offers assurance, testing, inspection, and certification services (ATIC), including laboratory safety, quality and performance testing, second-party supplier auditing, sustainability analysis, products assurance, vendor compliance, process performance analysis, facility plant and equipment verification, and third party certification. This segment serves a range of industries, including textiles, footwear, toys, hardlines, home appliances, consumer electronics, information and communication technology, automotive, aerospace, lighting, building products, industrial and renewable energy products, food and hospitality, healthcare and beauty, and pharmaceuticals. The Trade segment provides cargo inspection, analytical assessment, calibration, and related research and technical services to the petroleum and biofuels industries; inspection services to governments and regulatory bodies to support trade activities; and analytical and testing services to agricultural trading companies and growers. The Resources segment offers technical inspection, asset integrity management, analytical testing, and ongoing training services for the oil, gas, nuclear, and power industries. This segment also provides a range of ATIC service solutions to the mining and minerals exploration industries covering the resource supply chain from exploration and resource development, through to production, shipping, and commercial settlement. The company also offers cyber security services. Intertek Group plc was founded in 1885 and is based in London, the United Kingdom.
Industrials
Specialty Business Services
45,000
2012-08-03
0.93