Dan Coatsworth, head of markets at AJ Bell, said: “There is a right price for everything as Intertek investors have just found out.
“Having batted away bids from EQT faster than a fly swatter, Intertek has now changed its tune following another increased offer.
“It now indicates a willingness to support a deal if EQT makes a formal bid at the proposed £60 a share offer.
“Work has now been paused on its strategic review which leaned towards splitting the company into two, and the ball is now in EQT’s court to make the bid.
“The wording of the announcement gives the impression that shareholders have put pressure on Intertek’s board to support a deal.
“Intertek hasn’t traded as high as £60 a share since 2021, and such a bid would represent a 38 per cent premium to the price just before EQT’s interest was originally disclosed.
“That’s in line with the average bid premium year-to-date on the UK stock market, according to analysis by AJ Bell.
“Shareholders might feel it is better to take the cash now as there is no guarantee that a break-up of Intertek via a demerger would lead to a quick value uplift.”
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