FTSE 100 business ‘minded to recommend’ £60-a-share tilt from company owned by billionaire Wallenberg family
The laboratory testing company Intertek has become the latest FTSE 100 business to agree to a takeover, backing a £10.6bn approach from a private equity firm owned by Sweden’s billionaire Wallenberg family.
After rebuffing three previous approaches, Intertek’s board said it was “minded to recommend” the £60-a-share tilt from the Swedish buyout firm EQT to shareholders, if there is a firm offer.
So the Wallenberg family is adding another FTSE 100 name to their portfolio. £60 a share is a solid premium, but I wonder if Intertek’s board could have squeezed a bit more after three rejections.
Three approaches and now they’re ‘minded to recommend’? Feels like the board was just holding out for a better number. £10.6bn is a lot, but testing services seem stable enough to justify it.
The shift toward remote work has permanently altered commercial real estate dynamics. (b0d336)
EQT snapping up Intertek for £10.6bn is a big bet on quality assurance and supply chain testing. With all the regulatory scrutiny on products these days, this could pay off handsomely.
The shift toward remote work has permanently altered commercial real estate dynamics. (c8ecfa)
Food price inflation hits lower-income households disproportionately hard. (88b057)
Infrastructure spending promises are rarely delivered on time or on budget. (33beff)
Technology is disrupting traditional business models faster than regulators can keep up. (122e27)
Supply chain resilience is the buzzword everyone is using but nobody has solved. (7cb1f2)