Peel Holdings has edged closer to taking Harworth Group plc private, with the property group now owning, buying or holding acceptances for 69.7% of the Yorkshire land regeneration company.
That leaves Peel, the Whittaker family's property and infrastructure group, just over five percentage points short of the 75% needed to cancel Harworth's stock market listing.
Once delisted, Harworth would be re-registered as a private company, leaving remaining shareholders with shares that would be hard to sell.
At 90%, Peel can compulsorily buy out the remaining holders.
The figures came as Peel published the formal document for its 187p a share cash offer, which values Harworth at about £631.7 million.
The offer was declared unconditional on 29 September, meaning it will go ahead and acceptances can no longer be withdrawn.
It remains open until further notice, with at least 14 days' warning before it closes.
Board U-turn
Peel first bid 172.5p on 6 August, then raised its offer to 177.5p on 16 September, with Harworth's board rejecting both as too low.
Peel already owned just under 30% before building its stake past that level on 17 September, which forced it to make a mandatory offer under takeover rules.
The board backed the final 187p offer on 25 September, citing weak share liquidity, a concentrated shareholder register and a difficult economic backdrop.
Harworth shares had closed at or below 187p on 98.2% of trading days over the previous five years.
The price is a 30% premium to the 143.6p close before the bid emerged, but 10% below net asset value of 208.8p a share in June.
Peel will not cut its offer to reflect Harworth's 0.592p interim dividend.
Harworth's directors are expected to step down and be replaced by Peel nominees.
Settlement for early acceptances is due by 13 October.
