Intertek Group (LSE:ITRK) confirmed it has received a final conditional proposal from EQT at £60.00 per share in cash and confirmed that, if approved at the Annual General Meeting on 20 May, shareholders would be entitled to receive and retain the FY25 final dividend of up to 107.7p per share without any reduction to the cash consideration.
The board said it remains highly confident in Intertek’s standalone strategy and the value-creation case set out in the strategic review.
Nevertheless, after evaluation with advisers and significant engagement with shareholders, management said it would be minded to recommend such a proposal, should EQT make firm its intention to make an offer.
The Panel on Takeovers and Mergers has now consented to extend the deadline for EQT to either announce a firm intention to make an offer or to walk away to 5.00 pm on 11 June.
The board has paused further work on the Strategic Review while due diligence is completed and said it will provide further updates as appropriate.
Any deal with EQT will be subject to pre-conditions, including confirmatory due diligence.
