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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.