Intertek

FTSE 100 firm Intertek has unanimously rejected a takeover bid from Swedish private equity firm EQT. The offer, valued at £10.3 billion including debt, was deemed to significantly undervalue Intertek and its future prospects by its board and major shareholders.

Summary of transaction details:

• Value: £10.3 billion (including debt)
• Sector: Business Services (Quality Assurance & Product Testing)
• Advisor: Not disclosed
• Key Entities: Intertek (Target), EQT (Acquirer/Investor)
• Location: Intertek (FTSE 100, largely UK-based operations/listing), EQT (Swedish Private Equity Firm)

Note: Intertek's board and key investors argue that the company's intrinsic value, particularly considering its strong market position and the planned spin-off of its energy and infrastructure division, is higher than EQT's offer. They also cited significant execution risk associated with the conditional nature of the proposal.