Shares in UK property group Harworth rallied sharply after Peel Group announced an unsolicited cash bid of £583 million to acquire the remaining shares it does not already own.
The offer, led by billionaire John Whittaker’s infrastructure firm, aims to take the company private by purchasing the minority stake held by other investors.
Peel Group currently holds a near-30% position in Harworth, and the new proposal would consolidate full control of the developer.
Peel Group currently holds a near-30% position in Harworth, and the new proposal would consolidate full control of the developer.
The market reaction was immediate, with Harworth’s stock price jumping significantly on the news.
The bid represents a substantial premium to recent trading levels, reflecting Peel’s confidence in the underlying asset value and potential for strategic integration.
Investors are now assessing the likelihood of the deal’s success, particularly given the unsolicited nature of the offer and the need for minority shareholder approval.