DELRAY BEACH, Fla., May 12, 2026 (GLOBE NEWSWIRE) — Lost Coast Collective LLC (“Lost Coast”), which beneficially owns approximately 1.2% of Intertek Group plc (LSE: ITRK) (“Intertek” or “the Company”), today sent a letter to the Intertek Board of Directors (the “Board”). The letter urges the Board to engage with EQT on the basis of EQT’s latest take-private proposal of £60 per share. Lost Coast believes the proposal represents a superior risk-adjusted value for shareholders compared to the Company’s plan, which involves significant execution risk.
The full text of the letter sent to Intertek’s Board of Directors is copied below:
12 May 2026
The Board of Directors
Intertek Group PLC
33 Cavendish Square
London
W1G 0PS
Ladies and Gentlemen:
Lost Coast owns approximately 1.2% of the outstanding shares of Intertek, making us one of the largest active holders on the register.
We commend the Board for rejecting EQT’s earlier and inadequate bids, and we appreciate that you have been working with management on strategic alternatives to a sale.
That said, the time for resisting EQT and pursuing alternatives is over. With EQT’s latest indication of interest – effectively £61.08 per share if you include the expected dividend – we no longer believe that either the cold shoulder or the standalone strategy is prudent. While there is value in a break-up-and-fix-remainco plan, that plan carries material uncertainty and execution risk compared to a cash buyout from EQT. At EQT’s proposed price, the proposal represents superior risk-adjusted value to shareholders.
It is time to make a deal.
Intertek has been trading well below EQT’s proposed offer prices, reflecting both the Board’s continued refusal to engage with EQT and, importantly, the market’s view of Intertek’s standalone, risk-adjusted value. While the Board and management may have confidence in a partial sale and an operational fix, the market clearly does not believe in the team’s ability to execute. If it did, the stock would be much higher.
The lack of confidence is understandable: over the last ten years under this leadership team, Intertek has failed to grow organically even at the rate of global GDP. As a consequence, in the eight years prior to EQT’s proposal, shareholders had lost money in absolute terms, despite a bull market. None of the Company’s peers share this dismal record. Clearly, the market is skeptical that this same team, overseen by this same Board, will lift Intertek out of the hole it finds itself in and deliver meaningful incremental value.
Organic Growth & Global GDP (2015–2025 CAGR)
Source: IMF; Intertek, UL Solutions, SGS, and Bureau Veritas filings; Lost Coast analysis. ULS data for 2016–2019 from sell-side analyst models including information from ULS IPO roadshow.
Notably, the Board and management team have given shareholders very little reason to expect such a miracle. Despite claiming to have approved a new break-up-and-fix-remainco business plan – presumably after careful, data-driven study – the Board has provided shareholders nothing more than a two-sentence summary of the strategy. What are the time frames? The expected value of the disposition? Growth rates on the remaining business? Margin opportunities? Cash flow conversion rates under the new plan? With scant details thirty days in, shareholders are left to wonder whether the new plan is even fully formulated, or whether it will enable Intertek to improve upon its historically sub-par returns.
The market appears to value the break-up plan in the mid-40s per share, as evidenced by the current 17% spread to EQT’s offer. EQT, by contrast, is offering a concrete, all-cash bid of £60 per share, or £61.08 inclusive of the expected dividend. The EQT offer is clearly superior to the uncertainty, execution risk, and time involved in implementing the alternative plan.
It is time to transact.
The market has spoken. This management team and Board have had their chance – over the last 11 years and during the last month. It is time to recognize the merits of EQT’s proposal and engage in good faith to complete a transaction.
Yours sincerely,
Matthew Peltz
CEO of Lost Coast
| Contacts | |
| For Investors: | For Media: |
| Tyler Merzer | Paul Caminiti |
| tmerzer@lostcoast.us | LostCoastTeam@reevemark.com |
Disclaimer
This announcement is not intended to be and does not constitute or contain any investment recommendation as defined by Regulation (EU) No 596/2014 (as it forms part of the domestic law in the United Kingdom by virtue of the European Union (Withdrawal) Act 2018). No information in this announcement should be construed as recommending or suggesting an investment strategy. Nothing in this announcement or in any related materials is a statement of or indicates or implies any specific or probable value outcome in any particular circumstance. This announcement is provided merely for general informational purposes and is not intended to be, nor should it be construed as (1) investment, financial, tax or legal advice, or (2) a recommendation to buy, sell or hold any security or other investment, or to pursue any investment style or strategy. Neither the information nor any opinion contained in this announcement constitutes an inducement or offer to purchase or sell or a solicitation of an offer to purchase or sell any securities or other investments in the Company or any other company by Lost Coast or any of its affiliates in any jurisdiction. This announcement does not consider the investment objective, financial situation, suitability or the particular need or circumstances of any specific individual who may access or review this announcement and may not be taken as advice on the merits of any investment decision. This announcement is not intended to provide the sole basis for evaluation of, and does not purport to contain all information that may be required with respect to, any potential investment in the Company. Any person who is in any doubt about the matters to which this announcement relates should consult an authorised financial adviser or other person authorised under the UK Financial Services and Markets Act 2000. To the best of Lost Coast’s ability and belief, all information contained herein is accurate and reliable, and has been obtained from public sources that Lost Coast believes to be accurate and reliable. However, such information is presented “as is”, without warranty of any kind, whether express or implied, and Lost Coast has not independently verified the data contained therein. All expressions of opinion are subject to change without notice, and Lost Coast does not undertake to update or supplement any of the information, analysis and opinion contained herein.
Lost Coast may continue transacting in the shares and securities of the Company, and/or derivatives referenced to them (which may include those providing long and short economic exposure) for an indefinite period following the date of this announcement and may increase or decrease its interests in such shares, securities and/or derivatives at any time.
Forward-Looking Statements
This announcement contains certain forward-looking statements and information that are based on Lost Coast’s beliefs, as well as assumptions made by, and information currently available to, Lost Coast. These statements include, but are not limited to, statements about strategies, plans, objectives, expectations, intentions, expenditures and assumptions and other statements that are not historical facts. When used herein, words such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “plan” and “project” and similar expressions (or their negative) are intended to identify forward-looking statements. These statements reflect Lost Coast’s current views with respect to future events, are not guarantees of future performance and involve risks and uncertainties that are difficult to predict. Further, certain forward-looking statements are based upon assumptions as to future events that may not prove to be accurate. Actual results, performance or achievements may vary materially and adversely from those described herein. There is no assurance or guarantee with respect to the prices at which any securities of the Company or any other company will trade, and such securities may not trade at prices that may be implied herein. Any estimates, projections or potential impact of the opportunities identified by Lost Coast herein are based on assumptions that Lost Coast believes to be reasonable as of the date hereof, but there can be no assurance or guarantee that actual results or performance will not differ, and such differences may be material and adverse. No representation or warranty, express or implied, is given by Lost Coast or any of its officers, employees or agents as to the achievement or reasonableness of, and no reliance should be placed on, any projections, estimates, forecasts, targets, prospects or returns contained herein. Neither Lost Coast nor any of its directors, officers, employees, advisers or representatives shall have any liability whatsoever (for negligence or misrepresentation or in tort or under contract or otherwise) for any loss howsoever arising from any use of information presented in this announcement or otherwise arising in connection with this announcement. Any historical financial information, projections, estimates, forecasts, targets, prospects or returns contained herein are not necessarily a reliable indicator of future performance. Nothing in this announcement should be relied upon as a promise or representation as to the future. Nothing in this announcement should be considered as a profit forecast.
Permitted Recipients
In relation to the United Kingdom, this announcement is being issued only to, and is directed only at, (i) investment professionals specified in Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 as amended (the “Order”), (ii) high net worth entities, and other persons to whom it may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order and (iii) persons to whom an invitation or inducement to engage in investment activity (within the meaning of section 21 of the Financial Services and Markets Act 2000) in connection with the issue or sale of any securities of the Company or any member of its group may otherwise lawfully be communicated or caused to be communicated (all such persons together being referred to as “Permitted Recipients”). Persons who are not Permitted Recipients must not act or rely on the information contained in this announcement.
Distribution
Not for release, publication or distribution, in whole or in part, directly or indirectly, in, into or from any jurisdiction where to do so would constitute a violation of the relevant laws of that jurisdiction. The distribution of this announcement in certain countries may be restricted by law and persons who access it are required to inform themselves and to comply with any such restrictions. Lost Coast disclaims all responsibility where persons access this announcement in breach of any law or regulation in the country of which that person is a citizen or in which that person is residing or is domiciled.
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