Peel ups Harworth bid to almost £600m as takeover battle escalates - Place Yorkshire

Peel has raised its Harworth takeover bid to 177.5p a share in cash, valuing the Yorkshire developer at about £599.8m, in a revised offer that increases from 172.5p and follows Harworth’s defence document published last week. The higher bid represents a 2.9% step up versus the original proposal, and a 40% premium to Harworth’s three-month average share price. Peel’s response targets Harworth’s finances, saying its net asset value fell 4.3% in six months to 208.8p per share, while rising debt and weaker sales pressure the company. Peel also disputes Harworth’s shift toward being a “pure play” land specialist and questions plans to exit residential land. If Peel wins 75% of voting rights, it intends to cancel Harworth’s LSE listing; at 90% it would compulsorily acquire remaining shares.