Shares in Intertek, the FTSE 100-listed testing, inspection and certification group, jumped nearly 10% on Thursday after Swedish buyout firm EQT confirmed it had approached the company with a takeover proposal that was subsequently rejected by Intertek's board.
EQT disclosed that, operating through its EQT X funds, it submitted an indicative proposal on 10 April 2026 for a possible all-cash offer for the entire issued share capital of Intertek. The board rejected the approach three days later, on 13 April 2026.
In a statement released after the rebuff, EQT said it is "considering its options" but stressed there is no certainty any formal offer will be made. The firm therefore faces a deadline under Rule 2.6(a) of the UK Takeover Code to either announce a firm intention to bid or to walk away by 5 p.m. on 14 May 2026. That deadline can be extended if the Panel on Takeovers and Mergers gives its consent.
Intertek provides quality assurance, testing and certification services to businesses operating across more than 100 countries. Earlier in the week the company announced a strategic review to evaluate the potential separation of Intertek Energy & Infrastructure from the rest of the group, either by sale or by demerger, a move described by the company as intended to "accelerate the growth of the group's leading business lines in a highly attractive and growing quality assurance market."
Timeline of events
- 10 April 2026 - EQT, via EQT X funds, submitted an indicative proposal for a possible all-cash offer for Intertek.
- 13 April 2026 - Intertek's board rejected the takeover approach.
- Following the rejection - EQT stated it is considering its options but did not commit to making a formal offer.
- By 5 p.m. on 14 May 2026 - EQT must either announce a firm intention to bid or withdraw under Rule 2.6(a) of the UK Takeover Code, unless the Panel grants an extension.
Market reaction and corporate context
News of EQT's disclosed approach and the subsequent rejection by Intertek's board was met with a strong market response, the stock rallying almost 10% on Thursday. The company is simultaneously carrying out a strategic review focused on the Intertek Energy & Infrastructure division, exploring a potential sale or demerger as a means to sharpen the group's focus on its key quality assurance businesses.
What remains uncertain
- Whether EQT will proceed to make a formal offer - EQT confirmed it is considering options but did not indicate a firm intention to bid.
- The outcome of Intertek's strategic review for the Energy & Infrastructure unit - the company is evaluating either a sale or a demerger without specifying a preferred route.
- Whether the Rule 2.6(a) deadline will be met, or if the Panel on Takeovers and Mergers will grant an extension to allow further negotiation or due diligence.
The sequence of announcement, rejection and regulatory timing lays out a defined procedural window for potential next steps. Market participants will be watching for any formal move by EQT ahead of the mid-May deadline and for further details from Intertek about the strategic review process.