Intertek Group Plc, the British testing and inspection services company, rejected an improved takeover proposal worth $12.1 billion from Swedish private equity firm EQT Partners, the company announced.

The London-listed company said the enhanced offer undervalues the business and does not reflect its true worth. Intertek's board determined that the proposal fails to adequately compensate shareholders for the company's prospects and strategic value.

Intertek stated it remains committed to conducting a comprehensive strategic review to evaluate options for maximizing shareholder value. The company has been exploring various alternatives as part of this ongoing assessment process.

EQT Partners had previously submitted a lower offer for the testing services provider, which was also rejected. The private equity firm's latest bid represents a significant premium to Intertek's market valuation, though specific financial terms of the improved proposal were not disclosed.

Intertek provides quality assurance, testing, inspection and certification services across multiple industries including consumer goods, chemicals, and construction. The company operates in more than 100 countries worldwide and has been a target of takeover speculation in recent months as private equity firms seek established service businesses with steady cash flows.