Lookers PLC - Manchester-based car dealership chain - Board agrees to increased cash offer from Global Auto Holdings Ltd of 130p per share. Global Auto is the bidding vehicle of Alpha Auto Group Holdings LP, a Toronto-based operator of auto retail dealerships across North America. It had previously offered to pay 120p per share for Lookers. A week ago, the agreed takeover offer appeared to be dead in the water, as Lookers' largest shareholder withdrew the letter of intent it had given to the bidder. General and court meeting regarding takeover offer, which were due on Thursday, are adjourned indefinitely and will not be rescheduled. On Thursday, Global Auto confirms it has reached an agreement with the board of Lookers for the increased offer. "As the increased offer is to be implemented by way of a takeover offer, the board of Lookers will propose a resolution to adjourn the court meeting and general meeting which are due to take place today in connection with the scheme indefinitely and they will not be rescheduled," Lookers says.
Current stock price: 122.43 pence, up 25% on Thursday
12-month change: up 62%
By Tom Budszus, Alliance News reporter
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