EQT has submitted an improved £10.3bn cash offer to acquire engineering, product testing and certification company, Intertek.

The offer of £58 per share in cash, which the Financial Times said implies debt in the valuation, follows earlier offers of £7.9bn and £9.7bn.

Both offers were rejected by FTSE 1oo listed Intertek, which stated that proposals "undervalued" the firm and its future prospects.

EQT said the further increased proposal delivers "certain and accelerated cash value for shareholders", superior to the range of outcomes associated with Intertek’s standalone prospects.

The Swedish private equity firm said it submitted the proposal with a view of securing "prompt and constructive engagement" with the FTSE 100 firm and progress towards a transaction in the interests of all stakeholders.

However, it did state that there can be no certainty that an offer will be made.

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 and offer.

Following the announcement, shares in Intertek increased by over 6%, marking an almost 40% rise in the last month.

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