Rotherham-based land developer Harworth Group has rejected an increased takeover offer from Peel Pepper, part of Manchester-based private conglomerate Peel Group.

Peel Pepper raised its cash offer for Harworth by 2.9% to 177.5p per share from 172.5p, valuing Harworth at around £599.77 million.

Harworth said: “On 16 September 2026, Peel Pepper (UK) Limited announced an increase to the cash consideration payable under the terms of its offer for Harworth from 172.5 pence per Harworth Share to 177.5 pence per Harworth Share (the “Revised Offer”).

“On 17 September 2026, Peel Bidco announced that it had acquired Harworth Shares which resulted in its and its concert parties’ aggregate holding of Harworth Shares increasing from 29.96% to 30.00% and that, as a consequence, it is required under the Code to convert its voluntary offer into a mandatory offer under Rule 9 of the Code.

“The Board of Harworth has, together with its advisers, carefully considered the Revised Offer and remains unanimous and unequivocal in its rejection of the Revised Offer which, in its view, significantly undervalues Harworth and its near- and longer-term prospects.”