Peel Bidco has raised its holding in Harworth Group plc to exactly 30.00% from 29.96%, activating a mandatory takeover offer under Rule 9 of the City Code on Takeovers and Mergers. The offer price remains unchanged at 177.5 pence per share.
Harworth's board said there has been no engagement with Peel during the offer period. The company is reviewing the revised terms with its advisers – Barclays and Peel Hunt as joint financial advisers and corporate brokers, and Allen Overy Shearman Sterling as legal adviser – and will issue further statements as appropriate.
In a statement released after a previous response on September 9, the board strongly recommended shareholders take no action on the offer. Shareholders are advised not to sign or return any acceptance forms, not to sell shares to Peel Bidco, and not to submit electronic acceptances.
The mandatory offer follows the conversion of an earlier voluntary proposal after Peel's share acquisition crossed the 30% threshold. Harworth said it will continue to evaluate the proposal and keep the market informed.
The announcement was published on September 17, 2026 at 11:00 AM.
