The board of Harworth Group plc has unanimously rejected a cash acquisition offer of 172.5p per share from Peel Pepper (UK) Limited, stating the proposal fundamentally undervalues the company and its prospects.
Harworth, advised by Barclays and Peel Hunt as joint financial advisers and corporate brokers, instructed shareholders to take no action regarding the offer. The company advised against signing, returning, or submitting any acceptance forms or electronic acceptances in relation to their Harworth shares.
The rejection was disclosed on August 26, 2026, alongside Peel’s publication of its formal offer document. Harworth also noted that the announcement was made in compliance with the City Code on Takeovers and Mergers.
The board is scheduled to publish a circular to shareholders by September 9, 2026, outlining its assessment of the offer and the reasons for rejection. The deadline may be extended with the consent of the Takeover Panel.
Harworth’s legal advisers for the matter are Allen Overy Shearman Sterling LLP.
