"Intertek has become the latest FTSE 100 business to agree to a takeover, backing a 10.6bn approach from a private equity firm owned by Sweden's billionaire Wallenberg family. After rebuffing three previous approaches, Intertek's board said it was minded to recommend the 60-a-share tilt from the Swedish buyout firm EQT to shareholders, if there is a firm offer. The deal is worth 10.6bn including debt, or 9.4bn without. The previous bids were pegged at 58, 54 and 51.0 a share."
"Intertek shares jumped almost 7% to 56.65 on Wednesday morning. Other FTSE 100 companies to have accepted multibillion-pound offers this year include the insurer Beazley and the fund manager Schroders. EQT was founded in 1994 as a spinout from Investor AB, the industrial holding company of the Wallenberg family. Its motto is More than capital, reflecting the Wallenbergs' declared philosophy of responsible ownership."
"Intertek, which had kicked off a review of its business a month ago, said its board remained highly confident in Intertek's standalone strategy and the value creation opportunity outlined in the strategic review. It added that, after evaluating the offer and speaking to investors, it would be minded to recommend the deal, which will then be voted on by shareholders. Intertek, headquartered in London, dates back to the late 19th century when three pioneering businesses in the UK, Canada and the US combined."
"In 1885 it began testing and certifying grain cargoes before they were put to sea. Intertek listed on the London Stock Exchange in 2002 and jointed the FTSE 100 index in 2009. It has 45,000 employees and has more than 1,000 labs worldwide. The company, led by the chief executive, Andre Lacroix, had come under mounting pressure from some investors to sell up, including Matt Peltz, the son of the billionaire activist investor Nelson Peltz."
Intertek, a laboratory testing company in the FTSE 100, agreed to back a takeover approach from EQT, a private equity firm owned by Sweden’s Wallenberg family. The proposed deal values Intertek at 10.6bn including debt, or 9.4bn without, at 60p per share. Intertek had previously rebuffed three lower offers at 58p, 54p, and 51.0p. The board said it remained confident in the standalone strategy and value creation opportunity from its strategic review, and it would recommend the offer to shareholders if a firm bid is made. Intertek shares rose nearly 7% following the announcement. The company has 45,000 employees and operates more than 1,000 labs worldwide.
Read at www.theguardian.com
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