At the time of writing, the Intega share price is trading hands at 51.5 cents, up 12%.
What’s lifting the Intega share price?
Intega Group is an engineering services provider offering environmental testing, geotechnical engineering, quality assurance, etc.
Investors are buying up Intega’s shares today after the company announced it has commenced a strategic review.
The decision follows increased activity and interest in the sector. Intega’s chairman, Neville Buch said:
“Intega is performing well, and the business is ideally positioned to benefit from the strong pipeline of infrastructure investment in the US and Australia. The business has significant organic and inorganic growth potential, particularly in our core US markets as well as adjacencies. The board however believes that the business is undervalued by recent prices at which Intega shares have traded on the ASX…”
Additionally, the review’s objective is to evaluate options for maximising shareholder value – including exploring ownership options for Intega.
The company’s largest shareholder, Crescent Capital Partners, has supported the decision. Greenhill & Co have been engaged for financial advisory. While Intega has also gone with Gilbert + Tobin for its legal advisory.
Taking a card from Cardno
That interest in the sector that Intega is referring to might be relating to Cardno Limited(ASX: CDD). With a market capitalisation of $340 million, Cardno is the bigger engineering company, which previously owned Intega.
Cardno also announced this morning that it would be conducting a strategic review after receiving numerous approaches from interested parties.
While the Intega share price is rising, the company noted there is no certainty of any particular outcome or transaction.