LONDON, UK: Global Auto Holdings, a company backed by private equity firm TDR Capital, has increased its offer for car dealer Lookers Plc from 120 pence to 130 pence per share, valuing the company at £504.2 million.
The new offer represents a 46.6 per cent premium to Lookers’ share price before the original offer was announced on 20 June 2023.
Lookers’ board has unanimously recommended the increased offer to its shareholders, saying it reflects the company’s improved performance and prospects.
The deal will now be implemented by a takeover offer instead of a scheme of arrangement, following the consent of the UK takeover regulator and Lookers.
The shareholder meetings scheduled for today to approve the scheme have been adjourned indefinitely.
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