Directors of Rotherham land developer Harworth Group on Friday unanimously recommended that its shareholders accept a “best and final” increased cash takeover offer of £631.7 million from Peel Pepper, part of Manchester-based private conglomerate Peel Group.

Peel Pepper raised its cash offer for Harworth 8.4% to 187p per share from 177.5p

The new offer represents a 30% premium to Harworth’s closing share price on August 5, before the offer period began.

Peel already controlled roughly 30% of Harworth via subsidiary Goodweather Holdings Limited and others.

Goodweather said: “BidCo today is pleased to announce the terms of a recommended increased best and final cash offer for the entire issued and to be issued ordinary share capital of Harworth not already owned by BidCo or other wholly-owned subsidiaries of Peel Holdings at a price of 187 pence per Harworth Share …

“BidCo also announces that today it has agreed to purchase 72,080,449 Harworth Shares at a price of 187 pence per Harworth Share.

“The Agreed Purchases have not yet settled, and it is anticipated that settlement will take place on 29 September 2026.

“Upon settlement of the Agreed Purchases, BidCo will own or have received, or shall be deemed to have received, valid acceptances in respect of a total of 170,377,069 Harworth Shares, representing approximately 52.1 per cent. of Harworth’s issued share capital, which shall count toward satisfaction of the Acceptance Condition.

“A further announcement will be made upon settlement of the Agreed Purchases and, following settlement, BidCo anticipates that the Best and Final Offer will become and be declared unconditional. 

“BidCo is continuing to seek to purchase additional Harworth Shares by means of market or other purchases at or below the Best and Final offer price of 187 pence per Harworth Share.”