Page 2 - Mark Raban News Today

The AM100's third-largest car dealer group, Lookers, has revealed its first half 2023 trading secured 8% higher revenues year-on-year as it prepares for shareholders to decide whether to back a £504m takeover bid by Global Auto Holdings.

CAR seller Lookers said it had benefited from an improved supply of vehicles as it sold nearly 3,000 more new cars in the opening half of the year.

Investors breathed a sigh of relief as the FTSE 100 returned to positive territory following its longest losing streak for more than four years.

Global Auto Holdings has increased its offer to takeover Lookers by nearly £40 million to £504.2m after some shareholders rejected the previous offer.

Global Auto Holdings’ £465.4 million bid to acquire Lookers may be in doubt as shareholder Constellation Automotive has announced it will vote against the deal.

Lookers will look for safe expansion routes, including partnering exciting Chinese new entrants, as the car dealer aims for growth in the years ahead.

London stocks were set for a muted open on Tuesday as investors mulled the latest policy announcement from the People’s Bank of China.

Lookers’ chief executive and interim chairman are recommending a £465.4 million takeover bid by Canada’s Alpha Auto Group (AAG).

Lookers to be bought by Canaga's Alpha Auto Group - News - FleetPoint - Lookers - Alpha Auto Group

Lookers PLC on Tuesday said it has agreed to be bought out by Canadian motor dealer in a GBP465 million deal. Alpha Auto Group Holdings LP, an operator of auto retail dealerships across North... | June 20, 2023