Shares in Intertek Group PLC (LSE:ITRK), the FTSE 100 quality assurance and testing group, rose 7.3% to 5,687p after the board said it would be minded to recommend a deal valuing the business at £10.6 billion.
The £60 a share proposal, received on Monday, is EQT's fourth and final approach and follows rejected bids of £51.50, £54.00 and £58.00 per share.
Under the terms of the proposal, Intertek shareholders would still receive the 2025 final dividend of up to 107.7p per share, due to be voted on at the annual general meeting on 20 May, without any reduction to the cash consideration.
Intertek said it remains highly confident in its standalone strategy but considers the latest terms deliver value at a level it could support, subject to agreement of full terms and completion of confirmatory due diligence.
Intertek has also paused the strategic review it announced on 14 April, which had outlined a plan for value creation as an independent company.
The gap between the current share price and the proposed offer price suggests the market is pricing in some residual uncertainty around whether EQT will proceed to a firm offer following due diligence.
No formal commitment has yet been made by either side, and the board stressed that any recommendation remains conditional on satisfactory agreement of definitive transaction documentation.