Harworth Board Recommends 'Best, Final' Increased Offer from Peel Group

MT Newswires · 2d ago
03:19 AM EDT, 09/25/2026 (MT Newswires) -- Harworth Group's (HWG.L) board unanimously recommended Peel Group's "best and final" increased takeover offer of 1.87 pounds sterling per share, valuing the property developer at 631.7 million pounds. The revised offer is 8.4% higher than Peel BidCo's previous 1.775-pound offer and represents a 30.2% premium to Harworth's closing share price of 1.44 pound per share on Aug. 5, before the offer period began, according to a Friday release. The Harworth board rejected the previous offer for "significantly" undervaluing the company and its growth prospects. Peel BidCo also agreed to purchase 72,080,449 Harworth shares at the final increased offer price, with settlement on Sept. 29. Consequently, BidCo will own or have valid acceptances for 52.1% of Harworth's issued share capital, and the offer will become unconditional post-settlement.