April 22 (Reuters) - Swedish private equity firm EQT AB has submitted an improved takeover proposal for Intertek, valuing the British product testing firm at 9.7 billion pounds ($13.10 billion), the
UK's Intertek considers EQT's $11.2 billion sweetened takeover bid
Intertek Reviews Enhanced Takeover Proposal from EQT
Details of the Sweetened Offer
April 22 (Reuters) - British product testing firm Intertek on Wednesday said it is reviewing a sweetened takeover proposal from Swedish private equity group EQT AB, valuing it at 8.3 billion pounds ($11.22 billion).
EQT is now offering 54 pounds per share in cash, after Intertek's board rejected an earlier 51.50 pound a share bid saying it undervalued the firm.
Valuation and Market Reaction
The Financial Times first reported the news of EQT's improved takeover proposal, which it said valued Intertek at 9.7 billion pounds, including debt.
EQT, which did not respond to a request for comment, must decide whether to make a firm offer for Intertek by May 14 or walk away.
Intertek shares rose as much as 5.5% to 51.6 pounds and were up 2.2% at 1508 GMT.
Background and Strategic Moves
Intertek's Business and Recent Developments
Last week, Intertek, which helps companies ensure their products, operations and supply chains meet quality, safety and sustainability standards, said it was exploring a split of its two businesses, a move that analysts have since described as "defensive" following the disclosure of EQT's first takeover bid.
Exchange Rate Information
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Reporting Credits
(Reporting by Yamini Kalia, Prerna Bedi and Ankita Bora in Bengaluru; Editing by Shilpi Majumdar, Kirsten Donovan)
