Harworth Rejects Peel Takeover Bid
Harworth Group rejected a revised 801.5 million dollar takeover offer from its largest shareholder Peel Holdings. The British property company stated the proposal undervalued its underlying assets and urged shareholders to decline the bid.
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HARWORTH GROUP PLC rejected a sweetened £599.77 million ($801.5 million) takeover proposal from its largest shareholder, Peel Holdings, on Friday morning. The revised cash bid of 177.5 pence per share followed an earlier rejected offer of 172.5 pence per share. United Kingdom property rules require a mandatory offer after Peel crossed a 30% stake threshold on Thursday.
