Harworth Group's board remains 'unequivocal' in rejecting Peel's offer
The board of Harworth Group has again told shareholders to take no action over Peel Holdings' takeover bid.
Shares in Rotherham-headquartered property regeneration specialist Harworth Group rose by around 20 per cent earlier this month.
It followed news of a £583m bid for the company by real estate giant and Doncaster Sheffield Airport landowner Peel.
In a statement, Harworth group said: “The board of Harworth notes the publication by Peel of the offer document in respect of its unrecommended cash offer for Harworth at a price of 172.5p per Harworth share.
“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 board said it is reviewing the offer document with its advisers and will, by no later than 9 September 2026 publish a circular to Harworth shareholders “setting out in full the board's views on the offer and the reasons for the board's unanimous and unequivocal rejection of the offer”.
It added: “In the meantime, Harworth shareholders are strongly advised to take no action in respect of the offer.
“In particular, shareholders are advised not to sign or return any form of acceptance and not to submit any electronic acceptance in respect of their Harworth shares.”