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Lookers PLC - Manchester-based car dealership chain - Increased takeover offer from Global Auto Holdings Ltd now has 28.3% acceptances, 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. Global Auto also on Wednesday slightly sweetens the terms of its latest offer. It says that if the Lookers board approves payment of an interim dividend of no more than 1p per share and this is paid before the effective date of the acquisition, then shareholders can keep the dividend with no reduction in the price paid for their shares. Lookers follows the calendar year. It hasn’t yet reported half-year results or declared an interim dividend. Last year, it paid an interim dividend of 1.0p. Current stock price: 128.70p, up 3.3% in London on Wednesday morning 12-month change: up 57% Copyright 2023 Alliance News Ltd. All Rights Reserved.
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