Peel Holdings Group Limited has increased the price of its mandatory offer for Harworth Group Plc (LSE: HWG) to 177.5p per share, up from the initial 172.5p cash offer announced on August 6, 2026.
The increase came on Monday after Peel Pepper (UK) Limited acquired an additional 137,669 Harworth shares through open-market purchases on Tuesday, representing 0.04% of the company's voting share capital. The transaction brought Peel Pepper and its concert parties to exactly 30% ownership, triggering the mandatory offer requirement under Rule 9.1(a) of the UK Takeover Code.
Under Rule 9, the mandatory offer must seek valid acceptances for shares that, when combined with those already held by Peel Pepper and its concert parties, would carry more than 50% of Harworth's voting rights. All conditions set out in the original offer document dated August 26, 2026, have ceased to apply except for the acceptance condition.
Rothschild & Co Global Markets Solutions Limited has been instructed to purchase shares on behalf of Peel Pepper at or below the new 177.5p offer price. Shareholders who previously accepted the original offer do not need to take further action.
Harworth's directors published their response to the initial offer on September 9, 2026, ahead of the acceptance deadline of 1:00 p.m. London time on October 25, 2026.
Peel Holdings has outlined its longer-term intentions depending on the level of shareholding achieved. If Peel Pepper acquires shares carrying 75% or more of Harworth's voting rights, it plans to delist the company from the London Stock Exchange and cancel its listing on the Official List. Should it reach 90% or more, Peel Pepper intends to exercise compulsory acquisition rights over the remaining shares.
