Harworth Group has urged its shareholders to "take no action" after the FTSE 250 property developer received a £582.8m offer from The Peel Group.

The offer is valued at just over £1.72 in cash for each Harworth share, representing a 20.1% premium on Harworth’s closing price on 5 August.

Goodweather Holdings Limited, a wholly-owned subsidiary of Peel, currently holds approximately 29.96% of existing Harworth shares.

Harworth owns and manages a portfolio of assets predominantly comprising modern industrial and logistics investment properties and land holdings, located principally in the North of England and the Midlands.

Peel said that having been a long-term investor in the property development firm, its offer represents a "compelling opportunity" for its shareholders to realise full liquidity for their shareholding at fair value.

However, Harworth’s board said that it has had “no substantive engagement” with Peel about any offer ahead of today, and it is currently reviewing the offer.

It said, in the meantime, its shareholders are "strongly advised to take no action".

Following the offer announcement, shares in Harworth increased by over 21%.

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