Harworth recommends shareholders accept final Peel takeover bid

Harworth Group PLC on Friday advised that shareholders accept Peel Pepper UK Ltd's "best and final offer" for the property regeneration company, reversing its previous recommendations.

Peel Pepper, an acquisition vehicle wholly owned by Peel Holdings Group Ltd, increased its takeover offer to 187 pence per share. Peel Pepper said the terms of the deal are "final and will not be increased".

Peel Pepper said it has agreed to purchase 72.1 million Harworth shares at 187 pence each on September 29.

Following settlement, Peel Pepper will own or have valid acceptances for around 52% of Harworth and expects its takeover offer to become unconditional.

Peel Pepper said it continues to seek additional Harworth shares.

The new offer is 8.4% above Peel Pepper's previous 177.5 pence bid and represents a 30% premium to Harworth's closing share price on August 5, before the offer period began.

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.

Rotherham, South Yorkshire-based 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.

Harworth had rejected previous Peel Pepper offers. As recently as a week ago, it said the latest revised offer of 177.5 pence per share continued to significantly undervalue the company.

Shares in Harworth rose 5.1% to 187.00 pence on Friday morning in London.

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