Bank wealth units reject takeover bids

What happened: Intertek Group plc (ITRK.L) rejected an unsolicited £51.50 per share takeover bid from EQT on April 10, 2026, deeming it undervalued. Meanwhile, Janus Henderson Group's (JHG) clients and investment staff urged the company to reject a bid from Victory Capital Management, favoring a lower-priced deal from Trian Fund Management and General Catalyst.

Market impact: The rejections have put pressure on acquirers, with Victory Capital withdrawing its bid for Janus Henderson. This could signal a shift in takeover dynamics, with target companies and their stakeholders becoming more discerning about potential suitors and deal terms. The rejection of undervalued bids may lead to revised offers or alternative acquirers, impacting the valuation landscape for similar companies.

What to watch next: Janus Henderson's response to its clients' recommendation and any potential counteroffers from Victory Capital or new bids from other parties. For Intertek, watch for any revised offers from EQT or new bids from other acquirers. Additionally, monitor the broader market's reaction to these developments, as they could set a precedent for future takeover attempts.