05:27 AM EDT, 05/08/2026 (MT Newswires) -- Intertek Group (ITRK.L) again rejected Swedish private equity giant EQT's (EQT.ST) latest revised takeover offer, saying the unsolicited conditional proposal "significantly undervalues"the company and its future prospects.

Following the news, Intertek shares were down 3% in London on Friday midday, while those of EQT were trading less than 1% lower in Stockholm.

EQT, via its EQT X EUR SCSp and EQT X USD SCSp funds, submitted a sweetened proposal of 58 pounds sterling per share in cash to acquire the UK-based quality assurance provider, according to a Friday release. Previously, Intertek's board "unanimously and unequivocally"rejected EQT's earlier offers of 54 pounds per share and 51.50 pounds per share.

Intertek said its board "carefully reviewed"the further improved indicative offer, concluding that it did not reflect the group's value and comes with considerable execution risk.

"[The] Board of Intertek continues to firmly believe that the strategic review announced on 14 April to evaluate the potential separation, either through a sale or demerger, of Intertek Energy &Infrastructure from Intertek Testing &Assurance presents a significant value creation opportunity for Intertek shareholders,"the group said. "The Strategic Review and separation are capable of being carefully managed with a view to maximising the value creation to shareholders and minimising value leakages."

With regard to its strategic review, Intertek added that it is giving precedence to a sales-led process, noting that its energy and infrastructure business has already drawn interest from potential buyers.

Meanwhile, people with knowledge of the matter told Bloomberg News that several of Intertek's top shareholders, including PineStone Asset Management, are calling on the company to hold open talks with EQT following the latest rebuffed offer. Some investors are also reportedly hoping for EQT to further sweeten its bid to 60 pounds per share, with Intertek likely to be more willing to consider that amount.