Lookers PLC - Altrincham, England-based car dealership chain - Global Auto Holdings Ltd takeover offer for Lookers now has 34.4% acceptances, down from 34.5%. Reduced number of acceptances is due to JO Hambro Capital Management Limited selling 250,000 Lookers shares. On Tuesday, Lookers acceptances fell to 34.5% from 36.5%, due to JO Hambro sales and Schroder Investment Management Ltd selling 7.1 million shares.
In June, Lookers agreed to be bought out by the Canadian motor dealer in a GBP465 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. 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: 119.60 pence, flat
12-month change: up 62%
By Greg Rosenvinge, Alliance News reporter
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