Intertek extends deadline for Swedish private equity firm EQT to make £9.2bn takeover
Intertek has extended the deadline for its private equity suitor to make a firm takeover offer, as it eyes an exit from the London market.
The FTSE 100 product testing firm said Swedish private equity firm EQT would have until 18 June to complete due diligence and confirm its £9.2billion bid.
Intertek had rejected EQT’s previous bids worth £51.50, £54 and £58 a share, but last month said it was ‘minded to recommend’ its fourth offer at £60 a share.
Intertek shares rose 2.59 per cent to 5,606p.
Under seige: A host of London-listed firms have been approached by foreign bidders
It all but confirms that it will become the latest British firm to fall into foreign hands, amid a takeover frenzy in the City.
Energy firm DCC is the latest FTSE 100 firm to be circled by overseas predators and said it was ‘minded’ to back a £5.7billion offer from private equity firm KKR and Energy Capital Partners.
It comes after City heavyweight Schroders backed a £9.9billion takeover by US rival Nuveen, while Lloyd’s of London underwriter Beazley agreed to be bought by Zurich Insurance in a £8.1billion deal.
Mid-cap firms have also attracted interest from foreign suitors, with Tate & Lyle and William Hill owner Evoke both recently confirming takeover deals.
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