Activist investor Palliser Capital has accumulated a position in Intertek, adding fresh momentum to shareholder pressure on the London-listed group to engage with a potential takeover approach from EQT, according to a report by Bloomberg.
Palliser wants Intertek to engage with EQT after the private equity firm on Tuesday made a ‘final’ bid for the business worth £9.40bn ($12.79bn), including dividends.
In a statement Palliser said: “The latest proposal for Intertek from EQT represents an attractive opportunity for shareholders that compares favourably, on a risk-and-time-adjusted basis, to the outcomes achievable through the strategic review. We strongly urge the Intertek Board to engage with EQT now to establish a constructive dialogue, allow any required due diligence to take place and secure a favourable transaction for shareholders.”
Intertek has yet to respond to the latest offer from EQT but has rejected the firm’s previous bids on the basis that they undervalued the business.
However, pressure from shareholders has been building with another activist investor, PrimeStone Capital — which holds about 0.5% of Intertek — also urging Intertek to engage with EQT.
