Iconic Manchester car dealership Lookers is set to come under Canadian ownership after the board and major shareholders agreed to a nearly half a billion pound takeover.
The business, founded in Manchester city centre in 1908, said on Tuesday that it had negotiated a deal with Alpha Auto Group, an Ontario-based car dealership chain.
The 120p-per-share bid values the now Altrincham-based business at around £465.4 million, it told shareholders. That's around 35 per cent more than the company’s shares were trading at on Monday. Join our WhatsApp Top Stories and Breaking News group by clicking this link The deal has already got big buy-in, with the board unanimously backing it alongside investors who hold 42 per cent of the company's shares.
Lookers said that TDR Capital, Artemis Investment Management, J O Hambro and Schroder had all promised to vote for the deal.
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