00:00Crystal, for our U.S. audience who maybe have not been following this, it feels like quite the story of
00:04intrigue, of EQT trying over and over.
00:07Activist investors are circling. What exactly is going on here?
00:11Yeah, Dani, actually this is the biggest corporate drama in London at the moment where you have a private group
00:16firm in Sweden EQT making a bid four times for the services company Intertech.
00:23And in the mix of it, the company had rejected it three times and multiple investors have vocally come out,
00:31some with letters, pretty strongly language letters, encouraging the company to take to engage with this bid.
00:38And eventually the latest event this morning here in London is that the companies have put out a release saying
00:45that they would be minded to recommend shareholders to engage in talks with EQT.
00:52So it's actually a couple of weeks in the making and all of us have been watching it.
00:56So finally, the due diligence will begin and we will see later on if the deal actually does happen.
01:02There seems to be from Intertech in terms of why they are pushing back.
01:06Is it essentially this idea like we can do it better ourselves? Maybe Intertech breaks up?
01:11I mean, why are they so resistant, Crystal?
01:14Yeah, Intertech actually said this morning even that they still believe in their own standalone strategy.
01:18The company, though, actually had had been undergoing a review and had talked about potentially separating the business.
01:26So in many ways, Intertech itself has sort of looking at a transition in its business strategy.
01:32So the other interesting thing here is like we're actually seeing like the investment banking world kind of is a
01:38battle of the grades right here where you have like Goldman and JP Morgan on one side and Morgan Stanley
01:42on the other side, as some of our peers have also pointed out.
01:44So all in all, it's just a wonderful corporate drama for London and that has very, very strong shareholder involvement
01:51as well.
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