Intertek Group plc
EQT takes Intertek private at £60/sh; $14.4B deal, vote by Aug 6
About the company
Intertek Group plc is a UK-listed total quality assurance provider offering testing, inspection, and certification services across industries including consumer goods, energy, and transportation.
Coverage timeline · 10 issues
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A private-equity buyer (EQT) is taking Intertek Group plc (ITRK.L), a UK-listed total quality assurance provider, private for £60.00 per share in cash. Structured as a scheme of arrangement, the $14.4 billion deal follows Intertek’s rejection of multiple lower bids from EQT since mid-April. Completion is expected in Q4 2026 or Q1 2027, subject to shareholder and court approval and various regulatory clearances. The scheme document is due within 28 days of the June 18 announcement, with shareholder meetings scheduled to occur by August 6. The current 195p spread offers a 3.4% gross upside, with arbitrage pricing reflecting high deal certainty ahead of the August 6 vote.
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A private-equity buyer (EQT) reached a definitive agreement to acquire Intertek Group plc (ITRK.L), a FTSE 100-listed testing, inspection, and certification company, for £60.00 per share in a recommended cash takeover. The offer values the company’s equity at £9.3 billion and its enterprise at approximately £10.7 billion, representing a 61% premium to its closing price prior to EQT's first unsolicited proposal. Intertek shareholders will also retain the 2025 final dividend of £1.077 per share, bringing total consideration to £61.077. EQT is investing alongside the Abu Dhabi Investment Authority and Mubadala following a two-month pursuit that saw three prior rejections and pressure from activist investors Palliser Capital and Matt Peltz. Morgan Stanley, Barclays, and Deutsche Bank are advising the consortium, while Goldman Sachs, JPMorgan, and PJT Partners are representing the target. The deal currently offers a 3.7% gross spread, with prior agitation for a sale by Palliser Capital expected to mitigate the risk of a shareholder vote rejection.
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Intertek Group plc (ITRK.L) granted EQT an extension of its put-up-or-shut-up deadline to 5:00 p.m. on June 18, 2026, following Takeover Panel approval. EQT’s proposed cash offer remains £60.00 (~$80) per share, and the counterparty requested the additional time to complete confirmatory due diligence and internal governance approvals. Intertek’s 107.7p final FY2025 dividend may be paid without reducing the cash consideration. Any subsequent extension would require both board and Takeover Panel agreement under Rule 2.6(c). A binding offer or withdrawal decision is now compressed into a six-day window, with the dividend-on-top structure effectively adding approximately 1.8% of incremental value to holders on the register before close.
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Intertek Group plc (ITRK.L), a global total quality assurance provider, received an unsolicited third and final cash offer from EQT at a 38% premium, following prior bids of £51.50 and £54. The board is minded to recommend the offer should a firm bid be made and confirmed that work on its strategic review is paused to allow for due diligence. Activist investors Lost Coast Collective and Primestone Capital, holding 1.2% and 0.5% stakes respectively, issued open letters urging the board to engage with EQT. Lost Coast Collective argues the all-cash bid represents superior risk-adjusted value compared to the company’s standalone break-up plan, citing a 17% spread. The UK Takeover Panel extended the deadline for EQT to make a firm offer to 11 June 2026.
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Intertek (ITRK.L) stated its board is minded to recommend a fourth and final cash takeover offer from EQT AB at £60.00 per share, valuing the company at approximately £9.2B. The proposal follows three prior bid rejections and pressure from shareholders, including Matt Peltz and Harris Associates LP, to engage with EQT. Intertek has paused its previously announced strategic review to prioritize these negotiations. Morgan Stanley is advising EQT, while Goldman Sachs and JPMorgan Chase are advising Intertek.
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Intertek (ITRK.L) has granted EQT due diligence access and indicated it is prepared to recommend a cash proposal of £60.00 per share if it proceeds to a firm offer. The proposal values Intertek’s equity at approximately £9.4 billion, reflecting a potential total payout of up to £61.077 per share including a 107.7p dividend. This offer represents a premium of up to 62% over the April 9 closing price. The board’s engagement follows pressure from Lost Coast Collective, which holds a 1.2% stake, along with PrimeStone Capital and Palliser Capital, after three previous rejections. Intertek has paused its strategic review pending the outcome of EQT’s due diligence. The UK Takeover Panel has established a June 11 deadline for EQT to announce a firm intention to make an offer.
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EQT's £58/share approach for Intertek is unsolicited, indicative, and conditional. Intertek's board rejected the proposal on May 8, 2026. No firm Rule 2.7 offer has been announced; EQT must announce a firm intention by 5pm on May 14 under UK Takeover Panel rules.
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EQT Fund Management S.à.r.l., acting through its vehicles EQT X EUR SCSp and EQT X USD SCSp, has a live offer period for Intertek Group plc under the UK Takeover Code, commenced April 16, 2026 (153,931,794 shares in issue). EQT's sweetened £54/share indicative offer was rejected by the Intertek board on April 24, 2026; a prior £51.50 indicative offer was also rejected. EQT must either announce a firm intention to make an offer or walk away by 17:00 on May 14, 2026, per the Rule 2.6 deadline — that date is the next hard binary. Until a firm intention announcement, EQT retains the right to walk away and there is no basis to assess deal economics or arb spread.
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Matt Peltz — son of activist Nelson Peltz, in his first public activist position — has disclosed a stake of more than 1% in Intertek Group (ITRK.L), the FTSE 100 product-testing and quality-assurance company. Stake size exceeds 1% of Intertek; the company is weighing a potential breakup valued at approximately £9.7bn. No acquisition price or per-share figure disclosed. With a strategic breakup already under consideration at a ~£9.7bn valuation and a named activist now holding a public stake, the breakup catalyst is in place. A greater-than-1% stake grants limited formal leverage absent board representation or a requisition threshold, and a first-time public activist with no track record faces credibility risk if Intertek management or the board resists.
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Intertek Group initiated a strategic review to evaluate potential separation of its business into two entities: Intertek Testing & Assurance and Intertek Energy & Infrastructure, either through sale or demerger. Intertek Testing & Assurance would comprise £1.9bn revenue and Intertek Energy & Infrastructure would comprise £1.6bn revenue. Strategic review follows earlier takeover rejection and aims to unlock value through focused specialist portfolio strategies and improved capital allocation for two distinct global businesses.
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