Vanguard’s Stake Adds Weight as EQT Lifts Intertek Bid to £8.9 Billion

Swedish private equity firm EQT ups Intertek offer to 5,800p per share, while Vanguard quietly acquires a 5.61% stake, signaling confidence in the testing firm's long-term value.

The battle for control of Intertek is intensifying on two fronts. While Swedish private equity firm EQT has dramatically raised its takeover offer for the third time, a major US asset manager has quietly built a significant foothold in the British testing and certification specialist.

Vanguard, the American investment giant, now holds 8,632,949 shares in Intertek, representing a 5.61% stake in the company. The position crossed the regulatory disclosure threshold on 1 May, with the asset manager acquiring an additional 2,350 shares on 4 May at a price of £48.04 each. Vanguard has confirmed it holds no derivatives or side agreements linked to the investment, signalling a straightforward bet on the company’s long-term prospects.

The timing of Vanguard’s increased exposure is notable. EQT has just tabled its third and most aggressive offer yet, pitching 5,800 pence per share in cash. That values Intertek at roughly £8.9 billion and represents a 54% premium to the stock price before the first bid emerged. The Swedish buyout firm has now been rebuffed twice, with Intertek’s board rejecting earlier proposals of 5,150 pence and 5,400 pence as inadequate reflections of the company’s future earnings potential.

The market responded with enthusiasm. Intertek shares surged 12.7% to €60.35, hitting a new year-high. RBC Capital Markets upgraded the stock from “Sector Perform” to “Outperform,” lifting its price target to £58.50 and citing the high quality of Intertek’s asset base. The closing price on Monday stood at €53.55, roughly 10% above the stock’s 50-day moving average, while the Relative Strength Index sits at 35.3 points. The shares have rallied sharply from a March trough of €41.66 and are now approaching their annual peak of €57.85.

Intertek is currently reviewing the latest proposal with its financial advisers, while an internal strategic review launched in April continues. The board is even weighing a potential split of the group into two standalone divisions. Under UK takeover rules, EQT faces a hard deadline: it must either declare a firm intention to proceed or walk away by May 2026. The company’s annual general meeting that same month is expected to provide clarity on both the board’s strategic direction and its stance on the Swedish suitor’s advances.

The convergence of a determined private equity bidder and a heavyweight institutional backer creates an unusual dynamic. Vanguard’s vote of confidence reinforces the appeal of Intertek’s business model, which benefits from rising global demand for safety inspections and certifications across multiple industries. Investors will now be watching closely for the next quarterly results to reassess the operational momentum behind the numbers.