IN BRIEF: Harworth says acquisition offer from Peel now unconditional

Harworth Group PLC - Rotherham, South Yorkshire-based property regeneration company - Says Peel Pepper (UK) Ltd's revised offer of 187 pence per share has become unconditional as it has received valid acceptances in respect of 52.06% of Harworth's issued share capital. Peel also has agreed to purchase a further 49.2 million shares at 187 pence or less, with settlement expected by October 1, which would take its and its concert parties' holding to 219.5 million shares, or 67.11%. Harworth urges shareholders to accept the offer as soon as possible if they have not already done so. The final offer will remain open for acceptance until further notice, Harworth says, adding that BidCo will give at least 14 days' notice by an announcement before the offer is closed for acceptances.

If BidCo receives acceptances of 75%, BidCo expects to apply for the cancellation of Harworth's listing and re-register it as a private limited company, but Harworth notes this would "significantly reduce the liquidity and marketability of any harworth shares not assented to the best and final offer." If acceptances of 90% or more are received, "BidCo intends to exercise its rights to acquire compulsorily the remaining Harworth shares."

The final offer remains at a 10% discount to Harworth's diluted European Public Real Estate Association net disposal value of 208.8 pence per share at June 30. Harworth was first approached by Peel Pepper with a surprise bid in early August. The original offer was 172.5 pence in cash per share. On Friday, Peel raised its offer to a "best and final" 187 pence per share in cash, valuing the company at around £631.7 million. The final offer is 8.4% above Peel's previous 177.5p bid and represents a 30% premium to Harworth's closing share price on August 5, before the offer period began.

Current share price: 187.00 pence, closed up 0.2% in London on Tuesday

12-month change: up 11%

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