Peel Group, led by John Whittaker, has increased its holding in Harworth, a FTSE 250 property developer, to 30 percent, triggering a mandatory takeover offer. The company, which specialises in redeveloping former industrial sites into residential properties, warehouses, and data centres, recently raised its bid for Harworth’s shares to £600 million.

Peel urged Harworth shareholders to accept the improved offer, criticising the developer's current strategy as lacking credibility. The move to raise its stake means that Peel’s bid now requires all remaining shareholders to consider the takeover.

The board of Harworth has yet to respond to the revised proposal. Following the announcement, Harworth’s share price increased by 1.8 percent, closing at 178½ pence.

The outcome of this offer could significantly impact the redevelopment market for former industrial sites, as Peel aims to consolidate its position through this acquisition.