It has unanimously rejected Peel Bidco's increased 177.5p-a-share offer, arguing it undervalues the property developer's data centre and industrial land pipeline.

The potential buyer raised its hostile cash bid for Harworth Group/

Harworth Group set out plans to cut £7.4 million in annualised costs by the end of 2028 as it continues to reject Peel Bidco's unrecommended 172.5p-a-share cash offer.

Harworth Group published its formal defence against Peel Bidco's unrecommended cash offer, arguing the 172.5p bid discounts the real estate group's net disposal value and ignores substantial embedded upside in its data centre pipeline.

Harworth Group's board unanimously rejected an unsolicited 172.5p-a-share cash offer from Peel Pepper, calling it opportunistic and undervalued.

The UK property firm says it received no prior approach before Peel Pepper announced a firm takeover offer this morning.

A special purpose vehicle has offered 172.5p a share for the strategic land and logistics developer, a 36% premium bid already backed by nearly 30% of Harworth's shareholder base.

"Their addition reflects confidence in our strategy and enhances our flexibility to accelerate new site development," said Kitty Patmore, Chief Financial Officer.

Harworth Group has won a Leeds planning resolution to grant consent for a c.500,000 sq ft Microsoft data centre campus.