Summary
Peel Holdings, headquartered in Manchester, has raised its takeover bid for Rotherham-based Harworth Group by £17m to £599.8m (177.5p per share), an increase of 5p from its initial offer last month. Harworth's board has unanimously rejected the offer, arguing it fails to reflect the company's underlying asset value and growth prospects.
Harworth values itself at approaching £1bn (297.4p per share), pointing to a pipeline of data centre and industrial land deals, plus a cost savings programme expected to deliver at least £7.4m in annualised savings by end-2028. The board believes Peel is timing the bid to exploit a material gap between Harworth's share price and the value of its assets, driven by broader weakness in the UK listed property sector.
The dispute underscores divergent valuations of Harworth's real estate portfolio and future returns. Harworth today completed the sale of a 40-acre strategic land site in St Helens, Merseyside, to Tritax Big Box Developments at book value, which the company says demonstrates its ability to realise value from its holdings.
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Common questions
- What is this article about?
- Property group Harworth has rejected a revised offer from its largest shareholder Peel Holdings, which increased its bid by £17m to 177.5p per share, valuing the company at £599.8m. Harworth's board maintains the offer significantly undervalues the business and its data centre and industrial pipeline, which it values at 297.4p per share.
- When was this published?
- This article was published on 18 September 2026.
- Who published this article?
- This article was published by TheBusinessDesk.