Shares in the FTSE 100 testing and certification group fell 6% to 4,747p after the board dismissed the latest bid as significantly undervaluing the company.
Intertek Group PLC (LSE:ITRK), the FTSE 100 quality assurance and testing company, has unanimously rejected a third takeover approach from private equity firm EQT, valuing the business at £58 per share in cash, as its board presses ahead with plans to split the group in two.
The £58 per share proposal followed earlier bids of £51.50 and £54 per share, both of which were also rejected.
The board said the latest offer significantly undervalued Intertek and carried material execution risk given its conditional nature, and added that its own strategic review represented a superior path to shareholder value.
That review, announced on 14 April, is examining whether to separate Intertek's two main divisions: Testing & Assurance, which covers consumer products, corporate assurance and health and safety; and Energy & Infrastructure, which spans industry services, minerals, construction and transportation.
The Testing & Assurance division generated revenue of £1.84 billion and an operating margin of 25% in 2025, while Energy & Infrastructure produced revenue of £1.59 billion at a 10% margin.
The board said it is prioritising a sale of the Energy & Infrastructure division over a demerger, and disclosed that it has already received an encouraging level of interest from potential buyers.
It expects separation costs to be modest, citing the group's decentralised structure and the high degree of standalone operation already in place across its five divisions.
The strategic review is targeted for completion by mid-2027.
Under Takeover Code rules, EQT must, by 14 May, either announce a firm intention to bid or walk away.