Harworth accepts sweetened £632m offer from Peel

(Sharecast News) - Property developer Harworth Group on Friday said it had accepted a sweetened and final 187p-a-share offer from Peel Holdings, valuing the company at £631.7m.

Peel also revealed it had agreed to buy around 72 million shares at the higher price, taking its stake in Harworth beyond 52%.

Harworth last week ⁠recommended that its shareholders decline ​a prior sweetened offer of 177.5 ​pence per share compared to an earlier proposal of 172.5 pence, both of which it said undervalued the firm.

"While the Harworth Board has confidence in the group's standalone strategy and future potential, the recommendation follows careful consideration of the best and final offer and engagement with Harworth shareholders," Harworth's board said in a statement.

Reporting by Frank Prenesti for Sharecast.com