UK's Harworth rejects top shareholder Peel's sweetened $802 million offer

Sept 18 (Reuters) - Harworth Group on Friday rejected a sweetened £599.77 million ($801.5 million) takeover offer from its largest shareholder, Peel Holdings, saying the bid undervalued the British land and property redevelopment company.

Here are some details and context on the proposal:

• Harworth recommended that its shareholders decline Peel's sweetened offer of 177.5 pence per share compared to an earlier proposal of 172.5 pence, which was also rejected on similar grounds.

• Harworth said the revised offer was timed to take advantage of the gap between its share price and the value of its underlying assets amid macroeconomic strains on the British real estate sector.

• Peel Holdings — part of British businessman John Whittaker's Peel Group — crossed the 30% takeover threshold on Thursday, triggering a mandatory offer under UK rules.

($1 = 0.7483 pounds)

(Reporting by Prerna Bedi in Bengaluru; Editing by Sonia Cheema)