Intertek has rejected another bid from the Swedish private equity firm, EQT, valued at £10.3bn.

The new offer follows previous proposals of £7.9bn and £9.7bn.

However, the FTSE 100 product testing and certification company said that after reviewing the revised proposal, which comprised £58 per share in cash, the latest offer “significantly undervalues” Intertek and its future prospects.

It added that it is fully focused on maximising value for shareholders and continues to believe that the strategic review to evaluate the potential separation of Intertek Energy & Infrastructure, either through a sale or demerger, presents a “significant value creation” opportunity.

Following the announcement, shares in Intertek dropped by over 2%.

Investment director at AJ Bell, Russ Mould, stated: “Intertek’s management now need to demonstrate they can deliver long-term growth and justify the decision to remain independent. Assuming this is the end of EQT’s pursuit, this could also be chalked up as a win for a UK market which can ill-afford a further thinning of the breadth and depth of its roster of listed companies.”

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