Shares in the property group Harworth soared after billionaire John Whittaker’s infrastructure firm made an unsolicited cash offer to take it private.

Peel Group, which has a near-30 per cent stake in Harworth, bid £583million to take full control by buying the rest of the shares that it did not already own.

Peel said it believed Harworth’s assets would be ‘best owned, managed and developed’ under full private ownership. Harworth urged shareholders ‘to take no action’ while it assessed the deal’s terms.

The offer is the latest in the property sector, which has seen real estate investment trust Segro fall to US firm Prologis.

Harworth’s shares climbed 24 per cent, or 34.4p, to 178p yesterday.

That valued the company at close to Peel’s offer price.