EQT Tables 'Final' £60/Share Bid for Intertek, Activists Urge Acceptance
EQT sits 17% above its 52-week low of $48.47.
Summary
EQT Corp has submitted a third and final takeover offer for Intertek at £60 per share, with a total value of £61.077 per share including dividends. This represents a significant 59% premium to Intertek's share price before the initial proposal. This development follows earlier reports that EQT was preparing an improved bid. The increased offer, while potentially raising acquisition costs for EQT, signals a strong commitment to the deal and could lead to strategic expansion. Activist investors, including Lost Coast Collective and Primestone Capital, are now publicly urging Intertek's board to engage constructively with EQT and accept the proposal. EQT faces a deadline of May 14 to announce a firm intention to make an offer or withdraw. Investors will be closely watching Intertek's response and EQT's actions leading up to this deadline.
At the time of this announcement, EQT was trading at $56.85 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $35.3B. The 52-week trading range was $48.47 to $68.24. This news item was assessed with neutral market sentiment and an importance score of 8 out of 10. Source: ShareCast.