Peel Pepper Limited, part of Manchester-based private conglomerate Peel Group, has announced a cash offer to acquire Rotherham-based land developer Harworth Group.
Goodweather Holdings Limited, a subsidiary of Peel Holdings, and persons acting in concert with it, already hold 29.96% of Harworth.
Peel is offering 172.5p in cash for each Harworth share. Harworth shares rose about 21% to around £1.74.
Peel said: “The offer values the entire issued and to be issued share capital of Harworth at approximately £582.88 million, and represents a premium of approximately … 20.1 per cent. to the closing price of 143.6 pence per Harworth Share on 5 August 2026 …”
Harworth Group said: “The board has had no substantive engagement with Peel Pepper or Peel about any offer before their announcement today.
“The board is reviewing the terms of the offer with its advisers and a further announcement will be made as appropriate.
“In the meantime, shareholders are strongly advised to take no action.”
Explaining the “background to and reasons for the offer” Peel said: “Harworth owns and manages a portfolio of assets predominantly comprising modern industrial and logistics investment properties and strategic land holdings, located principally in the North of England and the Midlands.
“The Peel Group is a long-term investor in Harworth, having held various ownership interests in Harworth over a number of years.
“Having regard to the Peel Group’s existing platform and capabilities, the Peel Holdings Directors believe that Harworth’s assets would be best owned, managed and developed under the full control of Peel Holdings.
“BidCo believes that the Offer represents a compelling opportunity for Harworth’s Shareholders to realise full liquidity for their shareholding at fair value …
“BidCo believes Harworth’s stock market listing provides limited benefit to the company. Harworth has not raised new equity in the last nine years, and BidCo believes Harworth would not be able to raise new equity accretively today given its consistent discount …”