British product testing firm Intertek on Wednesday said it is reviewing a sweetened takeover proposal from Swedish private equity group EQT AB, valuing it at 8.3 billion pounds ($11.22 billion).
EQT is now offering 54 pounds per share in cash, after Intertek’s board rejected an earlier 51.50 pound a share bid saying it undervalued the firm.
The Financial Times first reported the news of EQT’s improved takeover proposal, which it said valued Intertek at 9.7 billion pounds, including debt.
EQT, which did not respond to a request for comment, must decide whether to make a firm offer for Intertek by May 14 or walk away.
Intertek shares rose as much as 5.5% to 51.6 pounds and were up 2.2% at 1508 GMT.
Last week, Intertek, which helps companies ensure their products, operations and supply chains meet quality, safety and sustainability standards, said it was exploring a split of its two businesses, a move that analysts have since described as “defensive” following the disclosure of EQT’s first takeover bid.
Source: Reuters.com