Travers Smith advised Peel Pepper (UK) Limited ("BidCo"), a company indirectly wholly-owned by Peel Holdings Group Limited, on its voluntary cash offer to acquire the entire issued and to be issued ordinary share capital of Harworth Group plc ("Harworth") not already owned by BidCo or other wholly-owned subsidiaries of Peel Holdings Group Limited.
The offer is at a price of 172.5 pence per share, valuing the entire issued and to be issued share capital of Harworth at approximately £582.88 million. The offer price represents a premium of approximately 36.0 per cent. to the three-month volume-weighted average share price. Harworth is a regeneration, strategic land and development business listed on the London Stock Exchange, with a portfolio strategically located across Yorkshire, the Midlands and the North West. The Peel Group has over 50 years' experience investing in, and managing, land and property regeneration schemes across the UK and believes that Harworth's assets would be best owned, managed and developed under the full control of Peel Holdings.
The Travers Smith team on this transaction is led by Corporate Partner Mohammed Senouci, who is supported by Associates Callum Morganti and Tom Paterson, and Trainees Charles Keen and Luke Syrett. Specialist advice was provided by Elissavet Grout (Incentives Partner), Robert McGowan Stuart (Incentives Associate), Madeline Gowlett (Tax Partner) and Jason Larkins (Finance Partner).
Rothschild & Co acted as sole financial adviser to BidCo.
