Peel triggers mandatory offer for Harworth after stake hits 30%
Summary
Peel has triggered a mandatory offer for Harworth after increasing its stake to 30%, lifting its bid to 177.5p per share under UK takeover rules. Harworth’s board has unanimously rejected the offer, arguing it undervalues the company’s development pipeline and asset base relative to its net development value.
Why it matters
This is relevant to residential property surveyors because it affects the ownership and strategic direction of a major land and development business, which can influence land supply, development activity and local market dynamics. It also highlights how valuation metrics and development potential are being used in takeover disputes.
Key points
- Peel’s 30% holding has triggered a mandatory offer for the rest of Harworth.
- The revised offer is 177.5p per share and remains subject to acceptance conditions.
- Harworth’s board has rejected the bid and advised shareholders not to accept it.
- Harworth says the offer is below its EPRA net development value and does not reflect future pipeline value.
- Peel has indicated possible delisting or compulsory acquisition if higher ownership thresholds are reached.
This is an RPSA summary of a publicly available article. The full content remains with the original publisher.
