Intertek has received an updated buyout proposal from Swedish private equity firm, EQT, valued at £9.7bn.

The offer comes after the FTSE 100 product testing and certification company rejected EQT’s previous offer of £7.9bn, stating that it undervalued the firm and its future prospects.

The new offer comprises £54 per share in cash and the board at Intertek said that it is reviewing the revised proposal with its advisers. It will make a further announcement in due course.

Under takeover rules, EQT has until 14 May to announce a firm intention to make an offer for Intertek or state that it does not intend to make an offer.

Following the announcement, shares in Intertek increased by 2%, marking a 37% rise in the last month.

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