IN BRIEF: Harworth "evaluating" after Peel triggers mandatory offer

Harworth Group PLC - Rotherham, South Yorkshire-based property regeneration company - Says it is "evaluating" this week's revised offer from Peel Holdings Group Ltd via Peel Pepper (UK) Ltd, after the latter triggered a "mandatory offer". Peel announced early on Thursday afternoon that the revised offer, of 172.5 pence per Harworth share, is now required to be effected as a mandatory cash offer under the Takeover Code. This is due to Peel Pepper acquiring 137,669 Harworth shares, meaning that Peel BidCo, and "persons with whom it is acting in concert," hold a combined 30.00% share of voting rights in Harworth. Peel says that accepting the offer "will provide Harworth shareholders with an attractive and fair valuation...at a significant 40 per cent premium to the three-month volume-weighted average share price."

Harworth, in its response later on Thursday, says: " There has been no engagement between Peel and Harworth over the course of the offer period. The Harworth board is evaluating the revised offer with its advisers and a further announcement will be made as appropriate." Adds that it "strongly" advises shareholders to take no action.

Current stock price: 179.00 pence, up 2.2% on Thursday in London

12-month change: up 4.7%

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