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Lookers PLC - Manchester-based car dealership chain - Global Auto Holdings Ltd says an increased takeover offer for Lookers will be implemented via a scheme of arrangement, with the consent of Lookers. Global Auto now has undertakings for around 25.8% of Lookers shares. On Thursday, Global Auto said it had 26.1% acceptances for agreed Lookers takeover offer, down from 28.3%, which it blamed to due to the sale of 3.0 million shares by J O Hambro Capital Management Ltd. On Wednesday, Global Auto said 28.3% acceptances was up from 8.8% at the start of the week, after largest shareholder Cinch Holdco UK Ltd accepted for its 19.5% stake.
Global Auto is the bidding vehicle of Alpha Auto Group Holdings LP, a Toronto-based operator of auto retail dealerships across North America. It is offering 130 pence per Lookers share. A previously offer of 120p failed after Cinch late last month withdrew its letter of intent to accept the offer. The board of Lookers agreed to both offers. Cinch operates a car-buying website.
Current stock price: 128.40 pence
12-month change: up 56%
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