How much is Peel offering for Harworth shares?

187 pence per share in cash, described as best and final.

What does it mean that the Harworth offer is unconditional?

It will complete and accepting shareholders will be paid; it stays open for further acceptances until closed with at least 14 days' notice.

Merger Spreads › Deal guides › HWG.L

Harworth Group (HWG): Peel's 187p “best and final” cash offer is now unconditional

Terms checked against SEC filings on 2026-10-12 · checking for newer filings…

Offer187pcash per share · will not be increased

Market price—loading…

Spread—gap to the offer

StatusUnconditionalvalid acceptances passed 50%

Closing dateNot set≥14 days' notice before it closes

BoardRecommendsunanimously

In one paragraph

Peel Pepper (UK) Limited, owned by the Peel group, Harworth's largest shareholder, is offering 187 pence per share in cash for Harworth Group shares it does not already own, valuing the company at about £632 million. It is described as “best and final” and will not be increased. Harworth's directors unanimously recommend accepting. The offer is a premium of about 30% to the August 5 closing price (143.6p) and a discount of about 10% to Harworth's diluted EPRA net disposal value (208.8p at June 30). Press reports say it has become unconditional after valid acceptances for about 52% of the shares, and it stays open until further notice, with at least 14 days' notice before it closes.

What can a Harworth shareholder do?

1. Accept the offer

Follow the acceptance instructions in the offer document (through your broker or nominee, or by form for certificated shares). Under UK rules payment normally follows within 14 days.

2. Sell on the market

The market price is at about the offer level, so selling gives you roughly the offer immediately and without paperwork.

3. Do not accept

You keep your shares. If Peel reaches 75% it expects to cancel the listing, and at 90% it intends to compulsorily acquire the remaining shares.

This is general information, not advice. Taxes: a cash buyout is generally treated like a sale of your shares; check your own situation.

What “unconditional” means

Once an offer is unconditional, it will complete and accepting shareholders will be paid; the usual conditions no longer apply. The offer then stays open for further acceptances. It does not mean that all shares are acquired: that depends on how many shareholders accept.

What happens to non-accepting holders

At 75%: Peel expects to apply to cancel Harworth's listing, which would make the shares harder to sell.
At 90%: Peel intends to use its right to buy the remaining shares compulsorily on the same terms.

What could go wrong?

Delisting. If the listing is cancelled, remaining shares become illiquid.
No price improvement. The 187p is described as final and will not be increased.
Timing. The offer closes with at least 14 days' notice, so there is a deadline once it is announced.

Timeline

Aug 5, 2026 Closing price used for the premium: 143.6p.
Aug 2026 Peel announces its cash offer (initially 172.5p, raised to 177.5p).
Late Sep / Oct Offer raised to a final 187p; Harworth's directors recommend it.
Oct Offer declared unconditional (valid acceptances ~52%).
TBC Closing, with at least 14 days' notice.

Frequently asked questions

Will the price go up?: No. The offer is described as best and final and will not be increased.
Is there a deadline?: Not yet. The offer is open until further notice and will give at least 14 days' notice before it closes (one outlet reported 1 p.m. on October 25).
What if I sell now?: You receive the market price, which is at about 187p, without waiting for settlement.
Where are the official terms?: In Peel's offer document and the Rule 2.7 and RNS announcements on Harworth's investor pages. This guide is based on press reports of those announcements; check the originals.

Sources

Not investment advice

Merger Spreads is an information service. Prices can be delayed; deal terms are checked by hand against public filings and can change. Always read the filings and talk to your broker before acting.

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