Lookers set for £504m takeover
Shareholders of car dealership group Lookers have voted in favour of taking the business private in a deal worth £504m.
Global Auto Holdings, a subsidiary of Canadian group Alpha Auto Group Holdings, offered an all-cash offer of 130p per share in August, which was unanimously recommended by the Lookers board.
This was an increase on the initial offer of 120p per share, which was rejected by Lookers’ largest shareholder Cinch. The revised offer was subsequently accepted.
Around 91% of Lookers’ shareholders voted in favour of the takeover.
The deal is expected to finalise in the final quarter of the 2024 financial year, however it must be approved by the Financial Conduct Authority and at a court sanction hearing.
Lookers was founded in 1908 and operates from around 150 dealerships.