Intertek Group (LSE:ITRK) Intertek shares surged, rising 7.2% to 5,150p after EQT tabled a £58-a-share proposal.
The proposal equates to a 54% premium to the closing share price of £37.70 on 9 April and a 56% premium to the one‑month VWAP of £37.18 on that date, and follows EQT's earlier £54.00 per share proposal submitted on 21 April which the Intertek board rejected on 24 April.
Under the City Code on Takeovers and Mergers, EQT must by 5.00 pm on 14 May, either announce a firm intention to make an offer or state it does not intend to, a deadline that may be extended with the Panel's consent and which the announcement says creates no certainty that an offer will be made.
"EQT is price disciplined and has submitted this significantly higher Further Increased Proposal with a view to securing prompt and constructive engagement from the Board of Intertek and progressing swiftly towards a transaction in the interests of all stakeholders," EQT said.
