Shareholders in FTSE 100 giant Intertek urge board to discuss sale after private equity launches fourth and ‘final’ offer worth £10.6bn

Private equity suitors have tabled a fourth and ‘final’ offer for Intertek as the London-listed product testing firm comes under pressure from shareholders to enter talks.

Swedish buyout group EQT put forward a takeover proposal worth £60 a share having seen three previous bids of £51.50, £54 and £58 rejected.

The latest offer, which values FTSE 100 member Intertek at £10.6billion, sparked fresh calls from shareholders for the board to engage with EQT after a series of snubs.

Even before the latest bid, Palliser Capital and PrimeStone Capital, which both have stakes in Intertek, called for the company to consider a deal.

Palliser described the latest £60 a share offer as ‘an attractive opportunity for shareholders’, adding: ‘We strongly urge the Intertek board to engage with EQT now to establish a constructive dialogue, allow any required due diligence to take place and secure a favourable transaction for shareholders.’

In a letter to the board, PrimeStone Capital said: ‘We acknowledge that the board’s resolute negotiating stance over the past month has been successful.

‘By firmly rejecting the initial approaches, the board has compelled EQT to deliver maximum value, resulting in a highly attractive final proposal that delivers immediate and substantial value to shareholders.

‘Having achieved this excellent result, we believe it is now the board’s fiduciary duty to secure this value by immediately granting EQT the supervised due diligence access required to firm up their offer.’

And Matt Peltz, the son of activist investor Nelson Peltz and another Intertek investor, said: ‘We commend the board for rejecting EQT’s earlier and inadequate bids. That said, the time for resisting EQT and pursuing alternatives is over. It is time to transact.’

In a statement to the stock market, Intertek said: ‘The board is reviewing EQT’s final proposal with its advisers and a further announcement will be made in due course.

‘There can be no certainty that any offer will be made nor as to the terms on which any offer might be made. Accordingly, Intertek shareholders are advised to take no action at this time.’

Intertek shares rose as much as 9 per cent to a high of £54.30.

EQT argued that its final proposal delivered ‘certain and accelerated cash value’ to shareholders that was ‘superior’ to Intertek’s standalone prospects.

Intertek launched a review into its operations a day after it received EQT’s first bid in early April.

It is looking at separating its energy and infrastructure business from its testing and assurance divisions.

Analysts at RBC Capital Markets said: ‘We believe Intertek investors, some of whom have expressed that any offer would need to start with a “6”, should encourage the board to seriously engage with EQT.’