Topic overview
In brief
- Peel Group, led by billionaire John Whittaker, made a £583 million bid for Harworth.
- The bid aims to acquire the remaining shares of Harworth, where Peel already holds a near-30% stake.
- Harworth's shares rose 24% following the announcement, indicating strong market interest.
Summary
In the United Kingdom, shares in the property group Harworth experienced a significant increase following an unsolicited cash offer from Peel Group, an infrastructure firm led by billionaire John Whittaker. The bid, amounting to £583 million, aims to acquire the remaining shares of Harworth that Peel Group does not already own, as they hold a near-30% stake in the company. Peel Group expressed its belief that Harworth's assets would be more effectively owned, managed, and developed under full private ownership. In response to the offer, Harworth has advised its shareholders to refrain from taking any action while the company evaluates the terms of the deal. This development is part of a broader trend in the property sector, which has seen significant transactions, including the recent acquisition of real estate investment trust Segro by US firm Prologis. Following the announcement of the bid, Harworth's shares surged by 24%, or 34.4p, reaching a value of 178p, closely aligning with Peel's offer price.