India, Sept. 18 -- Harworth Group plc (HWG.L), an operator of strategic land, and development businesses, Friday said it is rejecting the revised unsolicited bid of 177.5 pence per Harworth share from Peel Pepper (UK) Limited or Peel Bidco, a company formed by Peel Holding, a British infrastructure and property investment business.
Harworth believes that the revised offer is significantly undervalued as the new bid is discounted to 17.4 percent of its EPRA NDV of 214.8 pence per Harworth share as on June 30.
Further, Peel Bidco has failed to recognize the potential embedded value across Harworth's portfolio not captured in the EPRA NDV, that includes its hyperscale data center pipeline, industrial & logistics development opportunities and...