Shares in British product testing firm Intertek soar 9% after it snubs £8bn Swedish swoop
Shares in British product testing and inspection company Intertek soared after it rejected a near-£8bn takeover offer from Swedish private equity.The FTSE 100 group, which this week said it was looking at splitting itself in two, said a £7.9billion offer from EQT last week, worth £51.50 per share, ‘fundamentally undervalues Intertek and its future prospects’, and was ‘unanimously and unequivocally rejected’ by the board.The news lifted shares 9 per cent, or 392p, to 4755p and took gains since it floated its possible break-up on Tuesday to 24 per cent.The move would see the firm split into two groups – Intertek Energy & Infrastructure and Intertek Testing & Assurance – via a spin-off or sale, and has sparked speculation that one or both businesses could be acquired. EQT is the latest private equity predator to target a UK-listed company following last year’s takeovers of Spectris and Hargreaves Lansdown.This year, aerospace and defence supplier Senior, blue-blooded City investment house Schroders and Lloyd’s of London insurer Beazley are set to fall into foreign hands amid a flurry of takeover activity. No deal: Intertek, which this week said it was looking at splitting itself in two, has rejected a £7.9bn offer from Swedish private equity firm EQT DIY INVESTING PLATFORMSAJ BellAJ BellEasy investing and ready-made portfoliosHargreaves LansdownHargreaves LansdownFree fund dealing and investment ideasinteractive investorinteractive investorFlat-fee investing from £4.99 per monthFreetradeFreetradeInvesting Isa now free on basic planTrading 212Trading 212Free share dealing and no account feeAffiliate links: If you take out a product This is Money may earn a commission. These deals are chosen by our editorial team, as we think they are worth highlighting. This does not affect our editorial independence.Compare the best investing account for you
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Shares in British product testing firm Intertek soar 9% after it snubs £8bn Swedish swoop
