Berenberg cuts Harworth to hold on progressing takeover

Berenberg downgraded Harworth (HWG) to “hold,” citing that Peel Pepper raised its unsolicited bid sequence from 172.5p and 177.5p to a “best and final” offer of 187p per share, valuing Harworth at £631.7m. Harworth’s board has unanimously recommended shareholders accept the offer.