Harworth bidder reaches threshold to acquire remaining shares compulsorily

Peel Pepper, the Peel Holdings subsidiary bidding for Harworth ($HWG), said acceptances had reached at least 90% of the shares covered by its best and final cash offer. It now intends to exercise compulsory-acquisition rights over the remaining shares and expects to send the required notices shortly. The offer itself is already unconditional and will close to acceptances on November 10.

The threshold concerns shares subject to the offer, rather than simply 90% of Harworth’s entire issued capital. Compulsory acquisition would take place after the statutory six-week notice period unless a court orders otherwise. Cancellation of Harworth’s London listing is expected on November 11, followed by re-registration as a private company. These steps materially change the position of remaining minority investors, but the announcement does not say the compulsory transfer has already occurred.

Sources:

• RNS via Investegate
• RNS via Investegate — announcement index