UK's Harworth reviews $784 million takeover bid from top investor (updated)
UPDATE 1-UK's Harworth reviews $784 million takeover bid from top investor Recasts with Harworth's response to takeover bid, updates shares
Aug 6 (Reuters) - Harworth Group HWG.L, the British land and property regeneration company, said on Thursday it was reviewing an offer from its top investor Peel Holdings which values the London-listed developer at about £582.9 million ($784.4 million).
Real estate investor Peel Holdings, part of British businessman John Whittaker's Peel Group, is the largest shareholder at Harworth with a nearly 30% stake.
Here are some more details:
Peel Holdings is offering 172.5 pence in cash per Harworth share for the shares it does not already own.
Harworth said its board had no substantive engagement with Peel Pepper, a unit of Peel Holdings, or Peel itself regarding any offer before Thursday's announcement.
Shares in Harworth were up 20.6% at 173 pence by 10:26 GMT.
The offer represents a premium of about 20.1% to Harworth's closing share price on August 5.
Peel Holdings said it believes Harworth's assets would be "best owned, managed and developed" under full private ownership.
Harworth owns and manages a portfolio of assets comprising modern industrial and logistics investment properties and land holdings in the North of England and the Midlands.
($1 = 0.7431 pounds)
(Reporting by Neeshita Beura and Krisha Bhatt in Bengaluru; Editing by Janane Venkatraman and Nivedita Bhattacharjee)