Harworth Group Rejects Unsolicited Takeover Bid From Peel Pepper

The board of Harworth Group plc unanimously rejected an unsolicited cash takeover offer of 172.5 pence per share from Peel Pepper (UK) Limited, a subsidiary of Peel Holdings Group Limited. The board stated the bid fundamentally undervalues the company and its future prospects, describing the offer as an opportunistic attempt to exploit a gap between the current share price and the value of underlying assets caused by macroeconomic factors.

Harworth reported that it had no substantive engagement with Peel Pepper or its parent company before the offer was announced on Thursday. The company is currently prioritizing capital reallocation toward industrial growth sectors and powered land, including advanced negotiations for a second hyperscale data center transaction.

Harworth has advised its shareholders to take no action until the company issues a formal response following the posting of the official offer document from Peel Pepper.