{
  "id": 9712521,
  "title": "Peel Pepper raises bid for Harworth Group to 187 pence per share",
  "url": "https://urgent.news/2026/09/25/peel-pepper-raises-bid-for-harworth-group-to-187-pence-per-share",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-09-25T06:03:25.000Z",
  "source": {
    "name": "Investing.com",
    "slug": "investing-com",
    "url": "https://www.investing.com/news/company-news/peel-pepper-raises-bid-for-harworth-group-to-187-pence-per-share-93CH-4916651"
  },
  "original_language": "en",
  "account": "LONDON - Peel Pepper, a subsidiary of Peel Holdings Group, has upped its cash bid for Harworth Group plc to 187 pence per share, valuing the property development firm at roughly £631.7 million. This represents a 30.2% premium over Harworth's closing price of 143.6 pence on August 5, 2026. The offer is an 8.4% jump from the initial 172.5 pence proposal made on August 6, 2026. Peel Pepper has pledged to buy 72,080,449 Harworth shares at 187 pence each, with settlement expected on September 29, 2026. This acquisition will grant Peel Pepper roughly 52.1% of Harworth's issued share capital, per the company's statement. The Harworth board has now advised shareholders to accept the offer, citing the chance to earn cash returns amid economic uncertainty and share illiquidity. Barclays and Peel Hunt have endorsed the financial terms as fair and reasonable. Despite being a 10.4% discount to Harworth's diluted EPRA net asset value of 208.8 pence as of June 30, 2026, the offer price has not been adjusted for Harworth's interim dividend of 0.592 pence per share, announced on September 9, 2026. The offer became mandatory under Rule 9.1(a) of the Takeover Code following Peel Pepper's acquisition of 30% of Harworth's voting shares on September 17, 2026. Peel Pepper will finance the takeover through its own cash reserves and debt financing from HSBC UK Bank and National Westminster Bank under an interim facilities agreement dated September 25, 2026.",
  "summary": null,
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}