April 24 (Reuters) - British product testing firm Intertek on Friday rejected a revised 54 pound-per-share takeover bid from Swedish private equity group EQT AB, saying the proposal fundamentally
UK's Intertek rejects $11.2 billion buyout bid from EQT
Intertek's Response to EQT's Takeover Bid
Details of the Rejected Offer
April 24 (Reuters) - British product testing firm Intertek rejected a revised takeover bid of 54 pounds per share from Swedish private equity group EQT AB on Friday, saying the proposal fundamentally undervalued the company and its prospects.
Valuation and Market Reaction
EQT submitted a sweetened bid on Wednesday that valued Intertek at 8.3 billion pounds ($11.22 billion) after its initial 51.50-pound-a-share bid was rejected.
Shares of Intertek, which rose as much as 5.5% after EQT's sweetened bid on Wednesday, edged down on Friday, closing at 48.10 pounds.
Stakeholder Responses
EQT's Position
EQT did not immediately respond to Reuters request for comment.
Intertek's Strategic Considerations
Earlier in April, the London-listed company said it was considering splitting into separate energy/infrastructure and testing/assurance businesses in efforts to boost growth.
CEO's Statement
"We believe that two specialist scale global ATIC (assurance, testing, inspection, and certification) businesses could be best positioned to accelerate growth and deliver greater value for shareholders," Intertek CEO André Lacroix had said.
Next Steps and Timeline
EQT has until May 14 to announce a firm intention to make an offer for Intertek.
Additional Information
($1 = 0.7399 pounds)
(Reporting by Aatrayee Chatterjee ans Sri Hari N S in Bengaluru; Editing by Shailesh Kuber and Vijay Kishore)
