Peel Triggers Mandatory Harworth Bid at 177.5p

Peel Pepper triggered a mandatory cash offer for Harworth Group at 177.5p per share, valuing the property regeneration group at approximately £600 million after crossing the 30% ownership threshold.

The revised bid represents a 2.9% increase from Peel's previous 172.5p proposal announced in August, and a 23.6% premium compared to Harworth's closing share price of 143.6p prior to the commencement of the offer period.

"Harworth’s defence highlights rather than addresses the issues faced by the company," a spokesperson for Peel said, criticizing Harworth's recent announcements of declining net asset value, cashflow, and a strategy lacking short- to medium-term credibility.

How Rule 9 Triggers Mandatory Bids

The escalation followed market purchases of 137,669 shares by Peel Pepper, which lifted its aggregate stake alongside concert parties to exactly 30%.

Under Rule 9.1(a) of the United Kingdom's Takeover Code, any entity or group acting in concert that acquires shares carrying 30% or more of the voting rights of a target company is required to make a cash offer to all remaining shareholders at the highest price paid by the acquirer over the preceding 12 months.

Timeline and Delisting Intentions

Acceptances for the 177.5p per share cash offer must be submitted by 1:00 p.m. London time on October 25, 2026. According to regulatory disclosures, Peel intends to secure the necessary acceptances to cancel Harworth's listing on the London Stock Exchange if it reaches at least 75% of voting rights.

The unfolding takeover battle shows tensions over corporate strategy within the UK property sector, as Peel moves to consolidate control over Harworth's regeneration portfolio against the resistance of incumbent management.