Sweden's EQT Prepares Third Improved Bid for UK’s Intertek Amid Rejections
EQT's Pursuit of Intertek: Latest Developments and Background
Background of the Bidding Process
April 29 (Reuters) - Swedish private equity group EQT AB is preparing its third, improved bid for the UK's Intertek, Bloomberg News reported on Wednesday, after its earlier approaches were rejected by the product testing firm.
The Swedish investment firm has been discussing the level of a potential new bid for London-listed Intertek, the report added, citing people familiar with the matter.
Intertek shares were up 4.7% at 4,813 pence after the news.
Details of Previous Bids
The report did not have financial details of the third bid.
The company rejected two bids from EQT in the last two weeks - an initial 51.50 pound per share proposal followed by a 54 pound per share bid - saying they fundamentally undervalued the company and its prospects.
Valuation and Market Impact
EQT's second disclosed bid had valued Intertek at about 8.3 billion pounds, which would have made the acquisition the UK's second-largest private equity take-private deal on record, according to Mergermarket.
Current Status and Outlook
Deliberations for a higher bid are ongoing and there's no certainty EQT will proceed with a fresh proposal, the report said.
EQT and Intertek did not immediately respond to a Reuters request for comment.
Reporting Credits
(Reporting by Yamini Kalia and Prerna Bedi in Bengaluru; Editing by Leroy Leo)
