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Lookers PLC - Altrincham, England-based car dealership chain - Global Auto Holdings Ltd says Lookers bid has support of around 40% of shareholders.
On Tuesday, Lookers said it has agreed to be bought out by the Canadian motor dealer in a £465 million deal, or 120 pence per Lookers share. The board of Lookers said they believe the offer represents a ‘compelling proposition’ for the firm’s shareholders. It will unanimously recommend the offer at an upcoming court meeting and general meeting. Lookers said it would benefit from a stronger platform in the UK, with a potential to expand internationally, develop a complementary original equipment manufacturer relationships, and garner expertise from the buyer.
Current stock price: 118.60p, down 0.2%
12-month change: up 64%
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