Harworth reiterates rejection of takeover approach by Peel-owned firm

Harworth Group PLC on Wednesday reiterated that it is rejecting to be taken over from a company owned by its largest shareholder, Peel Holdings Group Ltd.

The Rotherham, England-based land regeneration company on August 7 had received an offer from Peel Pepper UK Ltd, valuing Harworth at 172.5 pence per share, or £582.9 million.

Notably, the offer is below Harworth’s share price of 178.20 pence each on Wednesday afternoon in London, with shares up 0.1% compared to Tuesday’s close.

Peel Holdings already has a stake of around 30% in Harworth.

Peel on Wednesday said the offer values Harworth at a 20% premium compared to its closing price of 143.6p on August 5, the last business day before the start of the offer period.

Harworth said: “As previously announced, the board is unanimous and unequivocal in its rejection of the offer which, in its view, fundamentally undervalues Harworth and its near and longer-term prospects.”

The firm added it will review the offer document with its advisers and will publish a circular setting out its view and reasons for the board’s rejection by September 9 at latest.

Harworth “strongly advised” shareholders to take no action regarding the offer.

The offer will remain open for acceptances until October 25.

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