The board of Harworth Group plc has unanimously rejected an all-cash takeover offer from Peel Pepper (UK) Limited valuing the company at 172.5p per share.
In a statement issued on Wednesday, Harworth said the proposal understates the group’s intrinsic value and long-term prospects. The board recommended shareholders disregard the offer and refrain from submitting any acceptance, electronic or otherwise, in response to the bid.
Peel Pepper published the formal offer document on August 26, triggering a regulatory timeline under the City Code on Takeovers and Mergers. Harworth’s board is scheduled to publish a shareholder circular by September 9, outlining its detailed objections to the bid. The deadline may be extended with consent from the Takeover Panel.
Harworth’s advisers include Barclays and Peel Hunt as joint financial advisers and corporate brokers, while Allen Overy Shearman Sterling LLP serves as legal adviser. A copy of the announcement must be available on Harworth’s website by noon on the next business day.
The rejection follows standard procedure for an unrecommended cash offer, with the board’s position now set to be communicated to investors ahead of any formal shareholder vote.
