03:05 AM EDT, 09/09/2026 (MT Newswires) -- Harworth Group's (HWG.L) board urged shareholders to reject the takeover offer from Peel Bidco, stating the bid "undervalues" the company and its near- and longer-term prospects. In its response document published Wednesday, the property developers' board said that Peel's 1.725 pound-sterling-per-share cash offer is "highly opportunistic," and is aimed at taking advantage of the "material dislocation between Harworth's share price and the value of its underlying assets, driven by macroeconomic factors affecting the UK listed real estate sector as a whole." The board also recommended shareholders, who have accepted the offer, to withdraw their acceptances.

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