Investors representing close to 10% of Intertek Group Plc, including activist hedge funds Lost Coast Collective and Palliser Capital, are calling on the company’s board to engage with PE firm EQT AB over its final offer to acquire the testing and assurance business, according too a report by Bloomberg.
EQT has proposed £60 per share in cash, valuing Intertek at approximately £9.2bn ($12.5bn). Shareholders would also receive a previously announced dividend of up to £1.077 per share, further lifting the overall consideration.
Intertek shares rose 6.6% in London trading to £53.10, implying a market capitalisation of around £8.2bn. The company confirmed its board is reviewing the latest proposal alongside its advisers.
Palliser Capital, which holds a sub-1% position, said the board should open a constructive dialogue with EQT to allow for due diligence and the potential delivery of a value-maximising deal. Harris Associates, with a stake of roughly 2.5%, has also indicated it would support a firm offer above its stated valuation threshold. Lost Coast Collective meanwhile, holding around 1.2%, echoed similar calls for engagement.
The latest approach follows Intertek’s rejection of a £58 per share proposal last week, which the company said undervalued its long-term prospects and carried execution risk.
Additional shareholders, including PrimeStone Capital and Canada’s PineStone Asset Management, which owns roughly 4%, have also encouraged the board to consider engagement with EQT, citing fiduciary duties to evaluate credible acquisition proposals.
Intertek, which provides testing, inspection, and certification services across sectors such as energy, chemicals, food, and healthcare, traces its origins to the late 19th century. Today it operates in over 100 countries and employs more than 45,000 people globally.
As part of its ongoing strategic review launched in April, Intertek has already indicated early interest in potential asset-level transactions, including for its Energy & Infrastructure division. However, several shareholders believe a full sale would offer greater clarity and immediate value realisation compared with a partial divestment strategy.
