Harworth reiterates rejection of takeover approach by Peel-owned firm
(Alliance News) - Harworth Group PLC on Wednesday reiterated that it is rejecting to be taken over from a company owned by its largest shareholder, Peel Holdings Group Ltd.
The Rotherham, England-based land regeneration company on August 7 had received an offer from Peel Pepper UK Ltd, valuing Harworth at 172.5 pence per share, or GBP582.9 million.
Notably, the offer is below Harworth's share price of 178.20 pence each on Wednesday afternoon in London, with shares up 0.1% compared to Tuesday's close.
Peel Holdings already has a stake of around 30% in Harworth.
Peel on Wednesday said the offer values Harworth at a 20% premium compared to its closing price of 143.6p on August 5, the last business day before the start of the offer period.
Harworth said: "As previously announced, the board is unanimous and unequivocal in its rejection of the offer which, in its view, fundamentally undervalues Harworth and its near and longer-term prospects."
The firm added it will review the offer document with its advisers and will publish a circular setting out its view and reasons for the board's rejection by September 9 at latest.
Harworth "strongly advised" shareholders to take no action regarding the offer.
The offer will remain open for acceptances until October 25.
By Tom Budszus, Alliance News slot editor
Comments and questions to newsroom@alliancenews.com
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