Harworth stands firm in face of £583m Peel bid
The Yorkshire property group’s board said it remains unanimous and unequivocal in its rejection of a takeover offer it believes fundamentally undervalues Harworth and its project pipeline.
In a brief statement posted on the afternoon of 26 August, Harworth said that it noted Peel’s publication of the offer document in respect of its unrecommended cash offer for Harworth at a price of 172.5p per Harworth share.
Peel had criticised Harworth’s strategy, arguing that the firm’s cash flow profile is “becoming increasingly less sustainable”.
Harworth said: “The board is reviewing the offer document with its advisers and will, by no later than 9 September 2026 (except with the consent of the Takeover Panel), publish a circular to Harworth shareholders setting out in full the board’s views on the offer and the reasons for the Board’s unanimous and unequivocal rejection of the offer.
“In the meantime, Harworth shareholders are strongly advised to take no action in respect of the offer. In particular, shareholders are advised not to sign or return any form of acceptance and not to submit any electronic acceptance in respect of their Harworth shares.
“Further announcements will be made as and when appropriate.”
Peel currently owns 30% of the shares in Harworth through its wholly-owned subsidiary Goodweather Holdings. The Greater Manchester-headquartered group launched its takeover bid on 6 August, declaring its belief that Harworth would be better positioned as a private enterprise under its full control.
The offer to buy the remaining shares was made through another Peel company, Peel Pepper.
Harworth rebuffed Peel’s initial advances immediately. Headquartered in Rotherham, the group owns more than 15,000 acres of land across the North of England and the Midlands, with the potential to deliver more than 35m sq ft of employment space and enable around 29,000 homes.
Having pulled off a major deal with Microsoft at Skelton Grange in Leeds, Harowrth announced at the start of August that it is in advanced negotiations to sell off a second site with hyperscale data centre potential.
