Response to Peel Bidco triggering mandatory offer

The Harworth Board notes the announcement made by Peel Bidco today that it had acquired Harworth Shares which resulted in its and its concert parties’ aggregate holding of Harworth Shares increasing from 29.96% to 30.00% and that, as a consequence, it is required under the Code to convert its voluntary offer for Harworth at a price of 177.5 pence per Harworth Share (the "Revised Offer") into a mandatory offer under Rule 9 of the Code. The financial terms of the Revised Offer have not changed.

There has been no engagement between Peel and Harworth over the course of the offer period.

The Harworth Board is evaluating the Revised Offer with its advisers and a further announcement will be made as appropriate.

In the meantime, Harworth shareholders are strongly advised to take no action in respect of the REvised Offer. In particular, shareholders are advised not to sign or return any form of acceptance, not to sell any HARWORTH shares to Peel BIDCO and not to submit any electronic acceptance in respect of their Harworth shares.

Capitalised terms used but not defined in this announcement have the meanings given to them in the response document relating to the unrecommended offer published by Harworth on 9 September.

Allen Overy Shearman Sterling LLP is acting as legal adviser to Harworth.

Disclaimers