Shares in Intertek Group PLC (LSE:ITRK), the FTSE 100 testing and certification company, rose 5% to 5,227 pence in early trading after EQT, the Swedish private equity group, submitted what it described as a final and improved indicative proposal worth up to £9.4 billion.
EQT is offering £60 per share in cash, up from a third increased bid of £58 per share submitted on 5 May, which Intertek's board rejected three days later.
Including the 2025 full-year final dividend of up to 107.7 pence per share, the total value to shareholders would be up to £61.077 per share, provided the payout is approved at Intertek's annual general meeting on 20 May.
The cash consideration represents a 59% premium to Intertek's closing price of £37.70 on 9 April, the day before EQT first approached the board.
EQT said its final offer delivers certain and accelerated cash value at a full valuation, which it considers superior to the range of outcomes associated with Intertek's standalone prospects.
The private equity firm said it submitted the proposal with a view to progressing swiftly towards a recommended firm offer.
Under the Takeover Code's put up or shut up rules, EQT must either announce a firm intention to make an offer or confirm it does not intend to proceed by 5pm on Wednesday, though the Panel on Takeovers and Mergers can extend this deadline.
EQT said the financial terms are final and will not be increased unless a third-party bidder emerges or the Panel gives its consent.
The bidder also reserved the right to make an offer on less favourable terms in certain circumstances, including if Intertek's board agrees to recommend a lower price or if a competing bid comes in below the current proposal.
Intertek provides quality assurance, testing, inspection and certification services across industries worldwide.
The approach marks the latest in a wave of private equity interest in London-listed companies, with buyout firms attracted by valuations that remain at a discount to international peers.