Source: Sharecast
The testing, inspection and certification services provider said the latest £58-a-share cash offer also carried major executional risk.
EQT last month proposed a bid of £54, up from a previous offer of £51.50. Intertek stock was down almost 3% to £49 on Friday.
Intertek said it was proceeding with a strategic review started last month that was examining a sale or demerger of energy & infrastructure from its testing & assurance unit.
“The board believes a separation following the strategic review would create two high-quality global ATIC businesses with a strong historical operational and financial track record and compelling opportunities for further growth,” it added.
In response, EQT said it was "disappointed" by Intertek's lack of engagement in relation to the improved deal and by its characterisation of the proposal as presenting significant execution risk, "particularly given that constructive dialogue is necessary to assess and progress a proposal in the interests of all shareholders".
"EQT believes the further increased proposal delivers certain and accelerated cash value for shareholders, superior to the range of outcomes associated with Intertek's standalone prospects," it said in a statement.
Reporting by Frank Prenesti for Sharecast.com
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