Harworth gauges revised Peel offer worth around GBP600 million

Harworth Group PLC on Wednesday announced that it is evaluating Peel Pepper Ltd's raised offer.

Peel Pepper raised its cash offer on Wednesday for Harworth by 2.9% to 177.5 pence per share from 172.5p, valuing the Rotherham, South Yorkshire-based property regeneration company at around £599.8 million. Harworth had rejected the former offer last Wednesday, saying that it "fundamentally" undervalued the company and its near- and longer-term prospects.

The revised offer represents a 2.9% increase on the original bid and a 40% premium to Harworth's three-month volume-weighted average share price before the offer period, but just a 0.4% premium to Tuesday's closing price of 176.8p.

Harworth shares were 1.0% lower at 175.00p each on Wednesday morning in London.

Peel Pepper, which is indirectly wholly owned by Peel Holdings Group Ltd, says the offer will be funded entirely from its own cash resources and argues Harworth faces operational and financial challenges, including declining net asset value and rising debt.

Harworth shareholders have until October 25 to accept the revised offer, while those who have already accepted the original proposal will automatically be deemed to have accepted the higher bid.

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